Al Perry

Liz,

Your question made me smile. In 1999 I sold a home in South Philadelphia to a 92 year old lady who was one of my favorite clients. We sold her home, which wasn't in the best part of town, so her sale proceeds weren't sufficient to purchase the home that recently became available two doors down from her granddaughter who was her primary caregiver. Being on a fixed income she couldn't afford much per month. However, with the down payment money from her home sale and a 30 YEAR MORTGAGE for the balance she was able to afford her new home. I remember laughing at settlement with my client and her loan officer when she pointed to the final payment date of 2029 on her mortgage papers. She told the loan office not to depend on receiving that final payment. Mortgage companies can not discriminate on age - so her 30 year mortgage was just like my 30 year mortgage. We had her and her granddaughter, who was her sole heir, talk to an estate attorney. They set up a program that was right for their situation. Six years later she passed. We sold the home, paid off her mortgage and the proceeds went to her granddaughter as anticipated. Contacting a good estate attorney BEFORE making the final arrangements on the house purchase is critical. The manner in which her original purchase was set up created a simplistic process for the eventual sale and distribution of proceeds to her heir once she passed.

Good luck and may you many years of enjoyment in your new home. - Wed Sep 2 2009, 10:26