Short story: My mother's health is pretty poor and she can't work. She has disability, which doesn't cover her expenses entirely. Luckily, my sister moved back in and is 'helping' by paying rent. However, she is moving out, and my mother stands to lose her home. Comps in the area put her home at about $130k. She owes $70k on her mortgage. She also gets a big tax break because she is considered disabled. I'd like to become part owner on the house, and split the mortgage note with her to help her out. The upside for me is that I am helping my mother, and when she dies, I will get the house. The upside for her is that she gets to 'keep' her house and live there at a reduced rate. If she stays on the mortgage, she would still get the tax break. I would also cover any maintainance\repairs. I also want to make sure that somehow the entire house goes to me when she dies, and there isn't some lawsuit between myself and my sister. My sister is pretty much worthless and screws everyone over, so I don't want to go through all of this work for her to profit at the end. I know that my mother can put this in her will, but that can be changed, and I would rather have a guarantee of this when we go into this deal, so it's iron clad and I won't have to worry about it later. How would I go about doing this?
Easy. Get your mother to leave the entire house to you in her will and have the house put into your name when you help pay it off. Problem solved
She's a pretty girl, but I don't keep pics of her since I don't really like her as a person. EDIT: Ok, found one: Spoiler
Use an attorney. I think what you want is for her to transfer the property to you, but she retains a life estate in the property. This way there is no will to be changed or challenged. Additionally, she keeps the house for the rest of her life (provided all payments are made).
Actually when you refinance, you reset the title also, and in that case you can become joint owners (or some term like that) with rights of survivorship (or some term like that.) Mrs. B-Bob and I did that before we were married -- we were mortgaged before married, which is oh-so 2000's.
Shoot me a PM. Basically, we can refinance the house and you would become a non occupying borrower. It's not going to be super easy, but it can be done.
Consult a real estate attorney on details. At this point, I would be less worried about about your sister taking the house and more worried about future creditors and the state taking the house after your mothers passing. Im in a cross-fire of a similar situation. A friend has been taking care of his elderly uncle for years while (the uncles) brothers have pretty much ignored him all his life. He was going to transfer the property in his name recently, but due to social assistance, the state would force a sale of the house after his death and take the money. I don't know the exact details and yours are different, but a RE attorney should provide you with some solid advise.
are you pretty much saying you want your Mom to leave you everything she owns when she dies and not leave anything to your sister?
Correct me if I'm wrong, but if all she has is a will and leaves the estate in your name, don't you have to go through probate? Also, you end up paying taxes on the estate. How about a trust?
Yeah - I'm a bit confused. Why not just buy the house from your mom straight up for what is left on the loan - then rent it back to her. As an aside, I don't think I have ever seen vlaurelio post anything but questions. It's uncanny!
I'm assuming that he wants her to stay as owner due to the senior citizen property tax break they get.
That would be he easy way. But she gets a sizable disabilit tax break- she's legally blind (although she has her license- I don't get it either). And as posted, my sister is a huge leech and gives nothing back to anyone. If I'm supporting mom for years and possibly decades, you're damn right I'm going to cut my sister out. She won't deserve a thing IMO. If I can't work out the logistics I will just buy it outright, but going halvsies gets the tax break as well as the sense of ownership my mother likes.
My mother was disabled and passed away recently. We went through hell when she went into a nursing home. You need to be very careful about what you do with that house, because Medicaid could come after it if your mother ever has to have any long-term care. If you're thinking about getting a property interest in it now, you need to structure the deal in a way that would avoid a Medicaid lien when your mother passes away. You should also look at any other assets she has to make sure they are protected. You may never think your mother will end up outside of her home, but neither did we. Prepare for the worst, hope for the best.
Good points. Also, I live my life by that mantra. Good to see other people have their heads on straight (in that respect, anyway).
