I am writing this post to ask for advice on how to approach a situation with my in-laws. My FIL is 83, my MIL is 82. My FIL has suffered a series of small strokes over the past year and they now want to move to a condo from a town-house (they are worried about stairs, snow, trash). However, they are worried that they will not be able to afford the expenses associated with the condo, which will cost around $750k, plus taxes and insurance of $1500/month. We live in the DC area, so it is expensive. Additionally, they do not want to leave where they live now as they have a church, activities and friends. My wife and I are meeting with them tomorrow to discuss their situation; one underlying concern is my MIL believes my FIL will most likely die first and is concerned about her income after that.
Assets/Income
1). No idea for investible assets - will find that out tomorrow
2). They should clear $550k on the sale of their current townhouse, leaving a gap of $200k plus the monthly expenses.
3). FIL has a pension indexed for inflation of about $60k annually; 50% right of survivorship.
4). MIL has a small Social Security payments, guessing around $450/month. FIL does not as he was a professor.
Other:
1). A Brother in Law that is extremely introverted and I doubt he will be helpful.
2). They have retiree medical, so healthcare expenses are minimal.
My thoughts are that renting for a short period of time is best —- a 2-3 BR is around $2-3k/month and that does not tie them down as a condo does. If my FIL dies quickly, then a smaller place could be moved to shortly plus it keeps options open for assisted living, etc. No purchase/sales costs associated with homeownership. We have the financial flexiblity to help, but my main goal is to help my wife. Thoughts?