Mom can no longer afford her mortgage

Mom can no longer afford her mortgage

My 71 year old mother has spent the retirement savings she has, and now she lives off of about $1,100 social security every month. She cannot work due to health issues. She can no longer afford to pay her taxes/insurance for her home annually (about $5,00 a year)

A few months ago my sister kindly agreed to pay moms tax/insurance annually in exchange for getting to keep the house when mom dies.

My sisters situation has changed and she is now pregnant and single and won’t be able to pay moms bills after this year. She needs to support herself and her daughter.

Are there any options for my mom? Selling the house and downsizing doesn’t seem like a great option because cost of homes in Florida have skyrocketed and the interest rates are high. Mom has paid off about $80,00 on the mortgage. I don’t feel like we will be able to find anything cheaper than what she is paying now. Her car is also paid off.

Is reverse mortgage an option for a mortgage that is not paid off?

I don’t know which avenue is best or what options my mom has to consider?