Complete Labor Law Poster for $24.95
from www.LaborLawCenter.com, includes
State, Federal, & OSHA posting requirements

Announcement

Collapse
No announcement yet.

Best way for Grandma to protect home?

Collapse
This topic is closed.
X
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • cyjeff
    replied
    Get an attorney to help you draw up mortgage papers with grandma as the lender.

    Owner financed home buying happens all the time. Grandma can create any payment situation she feels comfortable with.

    For instance, she can make your payments very low for the next two years and then move up to a more market equitable rate after that.

    However, that would mean you have no equity in the home whatsoever.

    You don't get to possess the equity of a home you don't own.

    Leave a comment:


  • angelynds@aol.com
    started a topic Best way for Grandma to protect home?

    Best way for Grandma to protect home?

    My 82 year old Grandma is a widow whom me and my husband currently live with in her home. She wants us to "buy" the home from her while she is still competent. The idea is to transfer the home into me and my husband's name and eventually pay the estate for the value of the home, around $115,000.

    The problem is that her health is not the best, so gifting is not an option, b/c of the 5 year lookback period if she had to go into a nursing home. The other problem is that we cannot afford to outright buy the home from her right now, we only have one income. Once my hisband completes his Masters, we will be able to pay for the home, but we want to take care of this now while she is still somewhat healthy. What other options do we have? We also want to add onto the house and would use the equity in the home to pay for an addition.

    Could we just buy the home for a cheaper price, say $85,000, and have grandma pay for the addition out of her proceeds from the sale, or is that considered a gift too? Could she give us money back from the sale to apply towards the mortgage balance or is that considered a gift?

    What would happen to her home if she kept it in her name and she died or had to go into a nursing home?

    Any help is greatly appreciated!
The LaborLawTalk.com forum is intended for informational use only and should not be relied upon and is not a substitute for legal advice. The information contained on LaborLawTalk.com are opinions and suggestions of members and is not a representation of the opinions of LaborLawTalk.com. LaborLawTalk.com does not warrant or vouch for the accuracy, completeness or usefulness of any postings or the qualifications of any person responding. Please consult a legal expert or seek the services of an attorney in your area for more accuracy on your specific situation.
Working...
X