I'm open to suggestions on how to deal my mother-in-law. Here is my dilemma: While her net worth is about $ 1.3 million, she insists on living in a condo worth $1.25 million. She is 75 years old, has a mortgage for $275K at 4.6% and a HELOC for $25K at 4%. She has about $350K in cash, investments and retirement. Her ridiculous monthly expenses are $ 7,700 ($ 3,800 of which are her mortgage, HELOC and HOA) and she has income from SS, pensions and her work of about $ 6,500.
We cannot tell her what to do because she is defiant and will do the opposite quite often. She respects our opinion on money issues (she knows we have saved $800K in the past 9 years) and can be gently persuaded if the timing is right. She seems content to spend more than she makes and likes the idea of living off of her HELOC. Hit me up with ideas, questions, comments etc. Thanks.