Finance Plan Sounds Risky to Reader
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Robert Bruss’ advice to an 82-year-old woman who needs to finance her nursing home care is irresponsible. He recommends that she sell her home for a small down payment and carry the mortgage to finance her nursing home costs.
A buyer with only a minimal down payment and willing to pay above-market interest implies less-than-stellar credit worthiness and no incentive to stick around with the next downturn in housing prices.
Would Bruss want his mother to depend on a monthly check from this buyer for her long-term security?
SANDY HACK
Valencia
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