Posted by Darryl on May 02, 2006 at 20:18:50:
Actually, she has a large chunk of money sitting in the bank. She may or may not ever make it into a nursing home. She currently has a private nurse.
“If you have a deal i would not get involved till after closing, she may just get confused and demand cash.”
Like any good win-win real estate deal, this is pure problem solving for the seller. The whole deal hinges on setting up the mortgage so it will transfer back to the family member. This is his inherritance he is trying to protect. If that end doesn’t wotk, there is no deal…
Thanks,
Darryl
Need help with this one…Please… - Posted by Darryl in AL
Posted by Darryl in AL on May 02, 2006 at 04:51:17:
I have an elderly lady who is selling me a property she owns free and clear. She will be the mortgagor. The property will be deeded to me (not a land contract) with a 30 year amortized mortgatge. The mortgage will long out last her. She want the mortgage and payments to go to a family member upon her death. She is concerned about the possibility of ending up in a nursing home before her passing. Will medicare have the means of taking her payments and or mortgage? I have tossed around the idea of telling her to place the bennificial interests of the mortgage into a living trusts. Another idea is a warranty deed with the family member listed as the beniificiary, (survivorship, I believe they call it) or even placing the property into a land trust. Land trusts aren’t very common in Al, so I would rather not mess with them. Any advice? I’m not too knowledgeable in these areas…
Thanks in advance,
Darryl
Re: Need help with this one…Please… - Posted by ken
Posted by ken on May 02, 2006 at 19:58:48:
If you have a deal i would not get involved till after closing, she may just get confused and demand cash.After closing i would suggest she transfer the mortgage to the family member who will give it back or pay some expenses then they can show the home that the family has been helping for awhile because she does not have any money
Yes - Posted by pboone
Posted by pboone on May 02, 2006 at 07:52:23:
Darryl,
If this lady ends up in a nursing home she will have to claim the payments if in her name. My suggestion is to talk to a competent attorney that specializes in these matters.
Patrick