Q. An aging couple that is undergoing a severe monetary crisis due to uncovered medical expenses that have caused them to have to borrow a large amount of money. The have considered asking the established Chesed institutions in town to help them, but they have declined since they own a valuable house.
Can they themselves or a group of friends help them raise the Tzedaka funds? The do not have any children.
A. The Tzedaka institutions have a valid point since they can raise the money needed in something similar to a reverse mortgage, that could be given by a friendly and helping real estate and properties owner, that may give them a significant sum yearly sum in an arrangement that lets them keep until the end of their lives the house, that would then be transferred to the investor.
Horav Shlomo Miller’s Shlit’a opinion is similar