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Thanks to all who took the time to think about this and post a recommendation.
To address a few issues...
He already had a reverse mortgage of sorts on the house and that has now ended and converted back into a traditional mortgage. I don’t have all the info on that, but I’ve asked him to get more information about it for me so I can learn exactly what it is and what the terms are. He had apparently been drawing cash from it for a number of years to help finance primarily repairs to the house, college tuition for my siblings and me and medical bills for my mother when she was fighting cancer. Money was tighter than I knew as I was growing up and my parents, while not the best with their finances, never really spent any money on themselves and sacrificed a lot for their kids. That’s why I feel bad for my dad and compelled to help.
The house he lives in now has been in the family for generations and is where my siblings and I were raised. It’s on a bunch of land (90% of which is in a forest management / conservation trust or something along those lines) and in the middle of nowhere. I would buy it from him now if I could and let him stay there, but I’m just not in a place now where I could swing it— I’m in my late 20s, just bought my first house about a year and a half ago and we have two boys under 3.
My father is very clear that he wants to live on the property as long as he’s able to and I want to help him do that if I can. I do have space for him in my house and have offered that as an option—it will likely come to that some day, but hopefully not for at least several years.
I need to find out more about the current mortgage status and also help determine the best option for property number 2.
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