Grandma refinanced a paid off house because she's dumb and now she has to go into a home.. What do we do?

my grandma has always been bad with money. She's 83 years old

Red flag #1

She was like "This is free money I have to take it"

Red flag #2

of course, all the rest of the broke family supported this idea

Red flag #3

Fast forward a year and half later, it's all fucking gone but $12,000. $180k+, all of it, Gone.

Sadly I saw this coming from the start.

I have literally 0 idea where it all went. There's been zero home renovations or cars or trips or anything so I really have no idea but it's all gone.

My guess is a combination of Grandma spending and family taking advantage of her.

Anyway, she's getting older and can't really do much around the house. She's forgetting a lot of things, falling here and there, and is overall lonely so it's time for her to go into a retirement home.

Living alone might not be the best for her anymore, good looking out for Grandma.

Retirement Homes are $5k - $10k a month based on what we see.. If she had her house paid off and it was rented, that'd be an easy solution, but there's no money there.

Does anybody have any solutions here or advice?

Now is when the advise gets real; unless Grandma has some other savings/retirement there is not enough money to have her move into a retirement home long term. Assuming she sells her home she has maybe $150k left in equity, that would be burned up in 1-2 years at a retirement home (Medicare/Medicaid assistance excluded). Unless she needs 24 hour care you might want to think about moving her in with family to help preserve what assets she has left.

/r/personalfinance Thread