loan money to father with current residence as collateral

[Rayan Faris]

Hi,

My father lives in NJ. I would like to loan him money, paid monthly to help with his expenses. Unfortunately, he is not always financially responsible. I would like to loan it against his property which he owns free and clear. How can I do this legally in NJ?

The reason I want to loan it against his property is because he may take a reverse mortgage and waste the money, I want to prevent him from doing that and let him live in his place as long as he wants. Also, the reverse mortgage will pay very little. Secondly, I have a sibling who would also inherit but by me loaning the money, the inheritance would pay off the loan to me first.

I want to pay him monthly, not in a lump sum and I want to make sure his property taxes are paid first. I am not wealthy and loaning him this money is a sacrifice for me, but I am more than willing to do it with his property as collateral even if I don't see the money again until 20 years from now.