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Spinoff on Reverse Mortgage
Posted on 8/13/14 at 1:55 pm
Posted on 8/13/14 at 1:55 pm
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This post was edited on 6/11/15 at 9:22 am
Posted on 8/13/14 at 2:13 pm to TigerSaint1
quote:
What would be a fair assessment on both ends for me to pay them an amount until they pass awa
It would start with a valuation of the property.
When they die, do you want the house, or the money back?
The proper documentation could be drawn up that when the last one dies, the loan is called, and you acting as the lender take possession of the property in satisfaction of the note.
What I don't know, and where I reccoemend that you speak with an estate planning attorney, is to ensure that you can do this, since you will also have an interest in the estate. I don't know if there are any self-dealing rules to worry about or not. Also, if there will be other heirs, this is probably a conversation you want to have with them at the outset.
Posted on 8/13/14 at 2:21 pm to LSUFanHouston
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This post was edited on 6/11/15 at 9:22 am
Posted on 8/13/14 at 2:31 pm to TigerSaint1
Why don't you just buy the house and grant them a usufruct (right to use the house for the remainder of their lives)? That might be the easiest way to accomplish what you're trying to do.
ETA: You might be wise to draw up additional paperwork that outlined who is responsible for maintenance, upkeep, taxes, etc. if you go this route.
ETA: You might be wise to draw up additional paperwork that outlined who is responsible for maintenance, upkeep, taxes, etc. if you go this route.
This post was edited on 8/13/14 at 2:32 pm
Posted on 8/13/14 at 2:35 pm to TigerSaint1
The 85% loan figure referenced in the other thread is inflated. Typically, it's more like 60%. Heirs sell the house for market value and pay off the loan. It's not like the kids/church get nothing. They just don't get 100% of the present home value. The whole 250K keeps appreciating all other things equal.
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