Can I as legal guardian of my father get a loan in his name for his care?
You need a power of attorney signed by your dad, if he’s competent. If not, get doctor to establish his condition for competency. As guardian, you are the natural court selection to be named as power of attorney. You will be in charge of his health and his assets. Hope this helps.
SPECULATION I am speculating that you have the following option. Suppose that you have the right to sell one of his properties for $100K in order to provide him with healthcare. You can probably take a $25K loan against the property. Pay the initial healthcare expenses. Then sell the property quickly. Pay off the loan quickly so that you aren’t screwed with interest. Don’t sell another property until your next necessary sell-off approaches, or, unless your lawyer/accountant advises you to do so for tax purposes. Obtain advice from your lawyer/accountant before obtaining advice from the bank. Btw, keep receipts for your consultation expenses. You may be able to write them off as part of this ‘care’ expense, or, you may be able to justify being reimbursed for it when inheritance questions are addressed in the future.
You should have an attorney involved. Consult him.
No you cannot do that, ask him if he would sell the homes, that will more than cover his care costs.
yes. this can be done. A reverse mortgage may be the ideal thing for your father, and, as his legal guardian, you can sign the documents on his behalf please consult your attorney as to how to handle the legal aspects
" I don't know what else to do." it does not take rocket science to figure it out = SELL THE PROPERTIES. - If the income does not cover the expenses, but there is enough in assets to cover the expenses = sell them.
You could ask a few banks, but I don't think so. Essentially, you're asking the banks to buy (foreclose) on the houses, because there's no other way to pay back the loan.
you could try asking the bank about all this
You can sell the properties... Use the profits from that to pay for his care. Once that money is soent down, he should then be eligible for medicare, which should cover long term care