Submitted by Sonmi-451_ t3_10k7xnz in personalfinance
Hello,
I am helping a disabled 60-year old man on SSDI (Disability) who just unexpectedly lost his wife who was retired, due to cancer. Due to this he also lost her retirement payments and her SSI, which was over 2/3 of their income. He is not able to get a job or he loses his disability. Her retirement paid out in a lump sum that didn't amount to very much left and immediately went to pay off debts so he has almost no credit card/loan debts left, and the survivor's benefits through SSI he's been told by the SSA is less than an additional $200 to his disability payments. He makes about $3000 too much a year (before taxes) to be eligible for any type of assistance programs. We even got him set up with the local Aging and Disability Services to discuss options and they said they can't help him because he makes just over the caps. He has had to sell almost all of their assets as they did not have much cash left after her medical care. He's now at the point he's trying to not also lose his home and his dogs on top of his wife and many of their things (things don't matter in the long run, but it's been one gut punch after another as he has to get rid of pieces of their lives in the 3 months since she's died). He's 2 years too young for a reverse mortgage (and I've heard they're predatory). At this point he only has a loan on one item and it's about $7k. He owes about $32k left on the house, which is paid at $911/month. We did the math and his expenses are about $800 more than what he makes on disability. We're cutting what we can (internet/phone, etc.) but utilities can't be cut much more.
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Edit: He's a veteran, disability NOT connected (it was a post Army work injury) if that helps with ideas. Though the VA says they can't really do anything other than decrease his healthcare payment.
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Does anyone have ANY advice? HELOC? Refinancing (although he has a 3.25% rate, so it would go up)? There's not enough room for a roommate.
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Please don't suggest selling we're aware that's an option, we're trying to find any options we haven't thought of that help him not lose the home he spent 20+ years with his late wife in. Selling is the option he's currently looking at doing, I'm trying to help find anything else we haven't thought of.
Edit 2: Also, thank you, but I have answered the roommate question a ton and the job suggestion, so don't need those suggestions anymore. And the people who have made rude comments about his wife's cancer/death or otherwise, I hope you have the day you deserve.
Edit: thanks all. I'm getting kind of overwhelmed, so I'm going to take a few hours break in responding. I appreciate it Edit 3: Some people have given GREAT suggestions and I am so grateful for all of you. It looks like his mortgage might be willing to work with him on terms, we're going to check out HELOC, he's going to try to start selling wooden boxes/furniture he makes on a friend's Etsy/locally, and worst comes to worse, he can come live with me, but he would have to rehome his pups, so we're trying to avoid that. Thank you!
Also, thank you to those thanking me, but I really encourage everyone give each other help. You never know when YOU'LL need it. I've followed this quote since I read Cloud Atlas in highschool and I try to live through this idea: 'Our lives are not our own. We are bound to others, past and present, and by each crime and every kindness, we birth our future.' ~Sonmi-451, Cloud Atlas, David Mitchell