Posted on: 11th Aug, 2009 04:16 pm
Paying broke father 1K-2K in unsecured monies for his survival expenses. F does have approx 70K in equity + 50K in equity dept. Need to exchange monthly payments to him in exchange for legal uncontestable equity in home to include full title after 3 years when I would have put out entire appraised price. Realize I will have to payoff 50K loan and can do if I must. Reverse mortgage investigated won't work.
F can move in with us in our own home in 3 yrs (age 78)
1. Need monthly payments only - F cannot handle lump sums
2. I need legal uncontestable title to home in 3 years and assurance
of payback of all monies distributed in interim.
3. Don't really want home and will never live there.
4. F wants to live in home for 3 years only. (plan sell after 3 yrs)
How is best way to structure transaction. Medicaid NOT a consideration (will never qualify)
F can move in with us in our own home in 3 yrs (age 78)
1. Need monthly payments only - F cannot handle lump sums
2. I need legal uncontestable title to home in 3 years and assurance
of payback of all monies distributed in interim.
3. Don't really want home and will never live there.
4. F wants to live in home for 3 years only. (plan sell after 3 yrs)
How is best way to structure transaction. Medicaid NOT a consideration (will never qualify)
Hi bearscare!
Welcome to forums!
Your father can add your name to the property deed as the co-owner of the property. He can do this by signing the quitclaim deed. He can mention in the deed that you would be entitled to receive the equity in the property when he sells it off. After 3 years, when he sells off the property, you can claim the equity in the porperty.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your father can add your name to the property deed as the co-owner of the property. He can do this by signing the quitclaim deed. He can mention in the deed that you would be entitled to receive the equity in the property when he sells it off. After 3 years, when he sells off the property, you can claim the equity in the porperty.
Feel free to ask if you've further queries.
Sussane