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Does anyone here know how many names can go under 1 mortgage? My mother-in-law is starting to get older so we're thinking of letting her move in with us. In order for us to purchase a house big enough we will probably have to use her income as well. So can she go on the mortgage with us so we will have 3 buyer's in all? Just wondering......
Does anyone here know how many names can go under 1 mortgage? My mother-in-law is starting to get older so we're thinking of letting her move in with us. In order for us to purchase a house big enough we will probably have to use her income as well. So can she go on the mortgage with us so we will have 3 buyer's in all? Just wondering......
My dopey neighbor has himself and both his parents on the mortgage. This I know from property tax records that are online. 3 people on a mortgage is acceptable.
If she is older I would NOT put her on the mortgage. If you did then part of YOUR home becomes part of HER estate. I would more likely set up a family living trust that would include all incomes but spell out exactly in black & white who owns/trustee what and who becomes the trustee/owner when any one that is a trustee dies. Then the whole issue of if she must go into a nursing home. A lot of states assume the property to help fund the expense of nursing home care. In Texas all personal property including bank accounts must be out of the persons name for at least 4 years prior. Get a good attorney to set up a family trust and to advise you before you do anything like that.
If she is older I would NOT put her on the mortgage. If you did then part of YOUR home becomes part of HER estate. I would more likely set up a family living trust that would include all incomes but spell out exactly in black & white who owns/trustee what and who becomes the trustee/owner when any one that is a trustee dies. Then the whole issue of if she must go into a nursing home. A lot of states assume the property to help fund the expense of nursing home care. In Texas all personal property including bank accounts must be out of the persons name for at least 4 years prior. Get a good attorney to set up a family trust and to advise you before you do anything like that.
Mom of2 is exactly right. We went through this with my grandparent's who are now in a nursing home. The house was taken out of their name 4 yrs before they entered the nursing home. If they were not taken off all the monies would have gone to the state. Right on momof2dfw.
What is really sad are the people that as the get older think that their family is trying to rob them when they are only trying to protect them. They refuse to put their money somewhere safe like in trusts. They refuse to sign the house/property over to their kids (the, they'll kick me out and throw me in a nasty ol nursing home and never come mentality). I have one family member that is 87 years old, owns her home right out, still has the savings bonds that she bought for HER kids when they were kids for their birthdays and refuses to give them to them. Won't spend a dime to even fix the toilet in her house (she "might need that money when I get old" is her line). YOUR 87 YEARS OLD!!! HOW MUCH OLDER ARE YOU GOING TO GET?!?!? I seriously want to find some kind of uhaul that says you can take it with you to give her. Our fear is that someone is going to take advantage of her but she flat out refuses to listen to anyone that is trying to protect her and cares about her. We know she got took on the lease she signed last year for the mineral rights on the old family property but she refuses to let any other family members involved w/ it do the dealing. It is really sad. All she thinks about is how much money she has but one spend a dime of it and is scared she is going to die and loose it. Oh well.
My parents are only in their 60's and looking to move. The house they buy will be in my name or rather a family living trust that the 3 of us are the trustees of. That way whenever anything does happen to them there is no issue of who owns what.
If she is older I would NOT put her on the mortgage. If you did then part of YOUR home becomes part of HER estate. I would more likely set up a family living trust that would include all incomes but spell out exactly in black & white who owns/trustee what and who becomes the trustee/owner when any one that is a trustee dies. Then the whole issue of if she must go into a nursing home. A lot of states assume the property to help fund the expense of nursing home care. In Texas all personal property including bank accounts must be out of the persons name for at least 4 years prior. Get a good attorney to set up a family trust and to advise you before you do anything like that.
What is really sad are the people that as the get older think that their family is trying to rob them when they are only trying to protect them. They refuse to put their money somewhere safe like in trusts. They refuse to sign the house/property over to their kids (the, they'll kick me out and throw me in a nasty ol nursing home and never come mentality). I have one family member that is 87 years old, owns her home right out, still has the savings bonds that she bought for HER kids when they were kids for their birthdays and refuses to give them to them. Won't spend a dime to even fix the toilet in her house (she "might need that money when I get old" is her line). YOUR 87 YEARS OLD!!! HOW MUCH OLDER ARE YOU GOING TO GET?!?!? I seriously want to find some kind of uhaul that says you can take it with you to give her. Our fear is that someone is going to take advantage of her but she flat out refuses to listen to anyone that is trying to protect her and cares about her. We know she got took on the lease she signed last year for the mineral rights on the old family property but she refuses to let any other family members involved w/ it do the dealing. It is really sad. All she thinks about is how much money she has but one spend a dime of it and is scared she is going to die and loose it. Oh well.
My parents are only in their 60's and looking to move. The house they buy will be in my name or rather a family living trust that the 3 of us are the trustees of. That way whenever anything does happen to them there is no issue of who owns what.
The problem with real estate in a trust is that lenders want to lend to people not paper. You might find it difficult to get a mortgage if the property is owned by a trust.
My dopey neighbor has himself and both his parents on the mortgage. This I know from property tax records that are online. 3 people on a mortgage is acceptable.
I Believe tax records are based on ownership. You can be on title and not be on the mortgage.
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