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mhc, Home Buyer in San Jose, CA

How do I make sure my mom doesn't lose her house when my father passes away?

Asked by mhc, San Jose, CA Tue Aug 6, 2013

My parents are 11 years apart in age. My father is getting quite old and has just purchased a new home with my mother for a 30 year mortgage. My father is the sole provider. Both are retired but my mom is still young & healthy. My parents have no life insurance, my mom will get nothing when my dad passes away and will be unable to pay for her house. I want to know if I should be added to their title or something that would prevent my mom from becoming homeless and allow me to pay for the house once my father is gone. I would not ask for rent or anything, just want to help my mom. I would like the house to go to me when she eventually passes away though since I would be paying for the majority of the house myself, so I think that would be fair. Can anyone offer advice? I will not be living in this house. I also do not own a house, I rent but I have a decent salary. I would offer to just buy their house but I don't have money for a down payment. Any ideas? Thanks!

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My suggestion: See an elder law / estate planning attorney. Make sure the attorney is a member of NAELA (National Association of Elder Law Attorneys) Based on what you have said there is a lot more to consider than just real estate. You may also want to read "How to say it to Seniors" by David Solie.
0 votes Thank Flag Link Tue Aug 6, 2013
One of things you mentioned was to add your name onto the title, and pay the mortgage. Yes, you can do that, however you should see a Real Estate Lawyer to draw the paperwork.

Currently you should make sure the home is in a "Trust" with both parents name on the deed.

Another option is to have the home "quit claim" deed to you. (But again, see a Real Estate Attorney)

Best to you and Family,

Phyllis
0 votes Thank Flag Link Tue Aug 6, 2013
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