Grandma refinanced a paid off house because she’s dumb and now she has to go into a home.. What do we do?


So my grandma has always been bad with money. She’s 83 years old and bought a home wayyy back for $15k. Today it’s worth $310k. She saw rates were low back at start of 2021 so she refinanced at 3% (Like 3.05% I think..).

She was like “This is free money I have to take it” and of course, all the rest of the broke family supported this idea and followed her path besides my Mom. (And myself)

She pulled out $200k from her mortgage and now has a payment a little over $850/mo..

Fast forward a year and half later, it’s all fucking gone but $12,000. $180k+, all of it, Gone.

I have literally 0 idea where it all went. There’s been zero home renovations or cars or trips or anything so I really have no idea but it’s all gone.

She makes $2000/mo from social security and half of that goes to her mortgage.

I’m pretty sure it went to all shopping as she has tons of clothes and new pots and kitchen shit. Today she was stressing because “I have to get to Macy’s today. It’s 30% off if you spend $200. I’d hate to make that go to waste”…. Grandma, you’re not saving money, you’re spending money lol

Anyway, she’s getting older and can’t really do much around the house. She’s forgetting a lot of things, falling here and there, and is overall lonely so it’s time for her to go into a retirement home. Retirement Homes are $5k – $10k a month based on what we see.. If she had her house paid off and it was rented, that’d be an easy solution, but there’s no money there.

Does anybody have any solutions here or advice? Somehow the family has said I should pay for her bills because “I got it” but that’s simply not happening..

*Edit. Sorry, this post is half, me ranting, and half asking for advice