Found an interesting article from Agingcare.com Medicare Fraud Costs Taxpayers Millions: How to Prevent It

Came across these tips from www.mortgageloan.com

These are merely suggestions. Consult a real estate attorney for advice in your state.

Problem: A need to downsize? Alex is 70 years old and has been living in the same 4,000 square foot two-story house for twenty-five years. His wife passed away four years ago and his daughters have been trying to convince him to sell the house and move into a condo closer to them. The house has too many memories and he doesn’t want to sell it despite the fact that it’s too big for him to properly maintain and he can’t afford to have someone do it for him
Suggestion: Alex might seriously think about selling the house, as his daughters encourage, and using part of the cash to purchase a zero lot line, ground level condo or apartment near his daughters that requires no yard work, very little maintenance, and is in walking distance to restaurants and stores. He could then invest the remaining money (which may come in handy later) and use the dividends to enrich his life with travel and other enriching experiences.
Problem: Rosemary and her husband George have lived in the same house for 30 years. Unfortunately, George has Alzheimer’s and requires a nurse to visit at least once a day and the bills are piling up. Some friends have suggested that she put George into an assisted living facility, but Rosemary feels that he will probably do better in the long run if he stays in a familiar environment. Rosemary is having trouble juggling health care payments with her mortgage payments and other bills and isn’t sure what to do.
Suggestion: Rosemary could consider a reverse mortgage that will allow her and George to stay in their home and will pay for George’s health care costs. Though it will ultimately pay out less than the value of the house, it saves her the mental and physical strain of packing up and moving. Also, remaining in the home will likely make George’s remaining years more tranquil and positive.

Please consult an attorney in your state if you have any kind of legal question. This is not intended as legal advice.

Any discussion of seniors and real estate would not be complete without a warning about potential for scams and falling prey to fraud. There are people who look to take advantage of seniors who are alone, desperate, not thinking clearly, or just don’t understand the real estate market well enough to challenge assumptions.

Seniors need to know that people will try to take advantage of them because they don’t fully understand the market. Seniors might see an offer on their home that appears to be much more than they paid for the house without understanding or researching the market value. This is a common occurrence and can happen to anyone who is preyed upon by fraudulent persons.

Before deciding to sell (take the offer), seniors will want to have a reputable real estate professional or attorney help them to get the most for their home. It comes down to four things: price, condition, location, and competition. And, of course, condition of the house can make a huge difference. If a neighbor’s house has sold for X amount of dollars and that house has been updated, they need to understand that it will cost something to bring their house up to market value.

Seniors should always find well-informed assistance before making any decisions. their circle of friends and family for a trusted and impartial attorney or financial advisor who understands the fine print. Getting advice from a child or relative who has a financial stake in the outcome of a senior’s investments can be problematic and may not always produce the most beneficial results for the senior.

Here are a few tips to prevent being taken advantage of:
If it sounds too good to be true, it probably is. Consult an attorney or financial advisor first!
Read and understand the fine print (or find someone who does) before you sign anything.
If someone is rushing you, they could be a predator.
Get a market analysis from different professional source.
Question (or doubt) everything presented to you from any new resource that locates you.
www.mortgageloan.com has more information. Always consult a professional with advice you might find on the internet.

Found this great article by June A. Schroeder, RN, CFP about warning signs that your parent’s finances are off track.