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Another issue, does he have POA? Another reason for mom/dad/you to see an elder attorney to fix the conflict of interest problem. As POA, he might be able to sign for parents and then for himself to pull off a reverse mortgage or other loan against the house.
Elder Law Attorney
Reversed mortgages are tricky. Mom and Dad could lose their home. If they are in agreement, I hope they understand how it all works. TV makes it seem so easy. But there are fees and regulations.
My BIL took one out and then died. Left SIL having to sell because she wasn’t old enough to sign when he took it out.
Does the brother have your parents POA for finances and medical? Is it activated?
They also must keep home owners insurance up, keep the taxes paid, keep the home in good repair etc. There are expensive fees, the full value can’t be borrowed. There are many factors to consider.
It is generally not considered the wisest way to solve a financial problem but there may be exceptions.
You don’t give many details in your post but if brother has been living with them and is their caregiver he may be desperate to hire help, make repairs, etc etc.
Sometimes what looks like a big mistake (and may be) is the only known option that is acceptable for all.
Give us more details and perhaps we can help.
I would expect additional owners to complicate the process. Do they also want a reverse mortgage on their portion or do they even agree that he can mortgage his share?
If they are all in agreement that this is a great, albeit expensive, way to keep them in their home for as long as possible, you can’t stop competent people from making questionable decisions.
If he just wants cash, I’d expect him to force a sale.