My parents had a fire a year and a half ago. My father is disabled and my mother helps my father. They didn't have insurance and are living on the bottom part of the house. The top is completely damaged. What options do they have to help them?
By Yolanda
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When you own a home it is an absolute necessity to have home owner's insurance and when you rent, it is necessary to have renter's insurance. IF your parents have a pastor they should talk to him/her. Sometimes a pastor will take up a special offering for needy members of the congregation.
There might even be some members of the church that can do some of the work, or furnish some of the required materials. Just because your father is disabled doesn't mean your parents are hard up. IF he needs 24/7 care maybe he should be in a nursing home. I'm sure your mother could be doing some work. A lot of people get a large amount of disability money. How much is the repair work going to cost? Maybe they should sell the house as is and move into an apartment.
They need to get a repair estimate from a trained professional. If the frame of the house is damaged, the house could be unstable. You wouldn't want the top part of the house collapsing on your parents.
There's more to consider here than just "handyman" work. There's also plumbing, electrical wiring, etc. Everything must be done up to code, not just done "well enough."
If the cost of the repairs is more than your parents can afford, they'll need to consider selling the house just for the lot. The house itself will either be repaired by the new owners or razed. Obviously this won't pull very much money, but it may be the only option, so be prepared to help your parents get set up in a handicapped accessible apartment.
Finally, they'll need a visit from a financial planner. They'll need to plan for their remaining years and will need to know what they should have on hand for spending money, plus how much emergency money they need to have saved, what types of accounts to own, what insurance they really need and don't need, and so forth.
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