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What should a 73 year old do when they can no longer pay bills?
Wiki User
∙ 10y ago
When an old person can no longer pay bills, it depends on what kind of bills the elderly person can no longer pay. Some elderly people have learned the hard way that they could no longer live in a house that cost $100,000 a year for up keep. Others have become totally destitute when they lost their house with no income. This is the time when a recognized business, good friend, a social worker, or a church or equivalent group should sit down with the person and review the options.
Frequently, a family member is too close. The solution could be anything from an apartment, assisted living, nursing home, to a home for the indigent aged. It all depends on circumstances. All you have indicated is that the former way has come to an end.
Another option:If your home is paid for, or even almost paid for, you have a couple of options with it. You can sell it, then pay off the balance of the mortgage, and then use the rest of the equity to help support yourself in a low rent apartment. If you have a relative you feel close to (such as a grown child, sister, niece, etc.) whom you could live with, that would be even better, because it would save you a lot in living expenses.
The other option is a reverse mortgage. This is where a company buys your home, yet you still get to live in that home for the rest of your life. But then, when you die, the house becomes the legal property of the company that bought your house in the reverse mortgage. Of course, this means you would not be able to leave your home to your children, so if that's something that is important to you, then you may not want to do it. But your financial and living comfort now should take priority over most other things.
Another Option:
The person should apply for government subsidized elderly housing. Their rent will include utilities and will be based on their income. They (or their advocate) should call their town offices to see if there is a department of elder affairs where they could obtain help and guidance.
Wiki User
∙ 10y ago
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