She still has a mortgage on the house. If she should at some point need to be placed in a nursing home, she doesn't want the house to be attached to that. So how does that work? Can she just change it, or does it have to be refinanced with my name on it?
2006-10-27 04:32:20 · 10 answers · asked by 2LabsNY 5 in Family & Relationships ➔ Family
I would speak to an attorney in your area concerning a Quit Claim Deed. This usually covers situations like the one your mother is wanting to deal with. It makes sure that, in the event something happens to her, that the house is guaranteed to be yours. The mortgage company should be aware of the QCD also so that there are no surprises to them if something does happen. Other than that, she can also put the house into a Family Trust and leave you as the beneficiary of that. Once it is placed in the Family Trust, it cannot be touched by anyone (IRS included). See an attorney in your area on how to obtain all of this. Good luck!
2006-10-27 04:41:46 · answer #1 · answered by swtz69drmz 5 · 1⤊ 1⤋
Are you going to move into the house right away or if not , can you afford two mortgage payments? Does your mom think she's starting with dimentia? Does she want to sign over all her finances to you or just change the name on the house from hers to yours? These are alot of things you need to figure out. My best suggestion would be to call your bank, or if you have a financial advisor linked with your insurance company and just run all these things by them to see what they'd best suggest. As far as changing the name, the best bet would be if you buy it from her, at a lower than market price (basically to cover what she's got remaining on her mortgage payments and property taxes for the year so far) she stays in it and pays you "rent" being the mortgage amount and still pay her own utilities. Once she's gone to a home or whatnot then you do what you want to with it, move in, rent it out, sell it etc...Good luck...
2006-10-27 11:42:44 · answer #2 · answered by mamatoshreksboys 3 · 1⤊ 1⤋
My Mom signed her house over to me so that I would not have to pay an inheritance tax when she left us. That way no one could try to take it or put a lien on it for any unpaid medical bills, etc. It countd as an asset for me. You would have to contact the finance company directly about putting your nameon it. They all have different policies. You could be added as a second lien-holder that would give you rights to the house also. Some states will not allow you to be added unless you are on the mortgage. My best advice would be to spend a little money and ask a real estate lawyer the laws for your area. A lot of them will allow a free consultation and you may get all you need to know from that one visit. Good luck!
2006-10-27 11:40:20 · answer #3 · answered by classy_lioness 1 · 1⤊ 1⤋
She can 'Quit Claim Deed' it to you but she's still responsible for the mortgage. If she needs to go to a nursing home and would be near qualifying for Medicaid (almost poor), she could file for Medicaid to put her in a nursing home but Medicaid would "look back" five years from the time she files to be taken care of Medicaid to see if she tried getting assets out of her estate/name. If she files for nursing home care with Medicaid within the next five years, Medicaid will take the house for payment to take care of her. She or you also need to be careful that you and your husband don't get divorced within that time because her house would then become your ex-husband's house.
2006-10-27 11:40:19 · answer #4 · answered by Anonymous · 0⤊ 1⤋
The owner and the mortgagee do not have to be the same. However, her tactic wont work unless she lives another 7 years without going into a home.
2006-10-27 11:35:05 · answer #5 · answered by michael m 2 · 0⤊ 1⤋
There is more to that than meets the eye. There is a look back period in some states and other things you need to consider. You will need an attorney.
2006-10-27 11:37:12 · answer #6 · answered by 55 and trying 5 · 0⤊ 1⤋
It would have to be refinanced. You can't give away something you don't own. Godloveya.
2006-10-27 11:38:53 · answer #7 · answered by Sassy OLD Broad 7 · 0⤊ 1⤋
NO ONE CAN TOUCH HER HOUSE.
THE MOST PRUDENT THING TO DO WOULD BE
FOR HER TO GIVE YOU ''POWER OF ATTORNEY'' IN THE
EVENT SHE CANNOT MAKE DECISIONS FOR HERSELF.
2006-10-27 11:49:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
what a great mom you had there, recommend you to talk to a expert.
2006-10-27 11:34:18 · answer #9 · answered by Anonymous · 0⤊ 2⤋
maybe
2006-10-27 11:44:26 · answer #10 · answered by MisterSpyBoy 1 · 0⤊ 0⤋