Me and my husband both work, but with all our bills, child support and health insurance, we don't make enough money to rent an appartment. So we live with my mother-in-law, in her house that is already paid off. The house belongs to her (her husband passed away 2 years ago), but her husband was very sick so they signed the house over to the health insurance to get their medical bills covered. On the house are the names of five people, my husbands and his sisters and their parents. The parents are allowed to stay in the house till they die, but I was wondering if anything would happen to my mother-in-law, would we get kicked out on the streets, or will we be allowed to stay in the house because my husbands name is on the house too?
2007-01-15 05:40:15 · 2 answers · asked by littlejoelittlejoe 2 in Business & Finance ➔ Renting & Real Estate
I believe the house was signed over to the insurance only by the parents of my husband. Does it have any value to us at all that my husbands and his sisters names are on the house????
2007-01-15 23:44:49 · update #1
you can get what is called a Reverse Mortgage or HECM, which the bank would literally buy back the house from you and you could remain living there until the remaining person dies. IF they get the HECM, they could pay off the Medical and Insurance Bills and the house would have a free and clear title. It may be the best way to go. Then depending on the value of the house, you could be eligible for grants for first time homebuyers which would pay for you to actually own the house outright.
2007-01-23 05:16:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If all parties signed the title over to the insurance company, then the house goes on the market as soon as your mother-in-law passes away. If it is only a lien for partial value taken against the title of the house, then you can either pay off the lien and keep the house, or they can force you to sell to pay off the lien.
2007-01-15 13:47:58 · answer #2 · answered by crossbones668 4 · 0⤊ 0⤋