Taking Care of Mom and Dad: Real Estate and Reverse Mortgages Conclusion

What to do with the house is a dilemma for many families with aging parents. Your parents may still be living in a house that is better suited for a young family with minor children. Your parents may have raised you and your siblings there...and don't want to leave even though the house is far too large and drafty to maintain.

It's important for you to know what the state of your parents' real estate assets -- and burden -- are. This is especially important if they own more than one property or share ownership with other people. Facing potentially bad news, such as your parents being severely underwater with their mortgage, can be hard. But if you face the facts now, you'll have better success managing their assets.

In the next chapter, we'll take a look at how you can evaluate the current state of their overall lifestyle -- from driving to spending habits -- and decide whether or not you need to urge them to make some lifestyle changes. This can be a tricky endeavor, but one that every family encounters at some point.