Q: We had plan to give daughter house in exchange for care in our old age. Should we refinance in their name or keep ours
Daughter and husband already live in home and they would pay remaining balance of mortgage. They keep the house and we can remain there as well until we die; he is a medical nurse to assist in our senior care. We want to refinance and take a small home improvement loan out on the new mortgage. In light of the penalty period, should we keep mortgage refinance in our name or is it okay to put it into theirs?
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A: PLEASE do not do this without the assistance of an experienced elder law attorney. Your plan is fraught with peril. Many before you have gone down this path much to their regret. There are too many things that could go wrong to list, so I will just list a few. Think about what happens if they don’t pay the mortgage. Or what happens if they get divorced or one of them dies or they get a judgement against them and the judgment creditor goes after the house. And there are more issues. Many more. You worked all of your life to get to where you are today. You owe it to yourself to protect what you have AND secure the care you need by obtaining professional advice. There are better, smarter ways to do this.
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A: Unfortunately, there is a lot more that needs to be known before you start making a transition such as this. You need to bind your daughter to such an arrangement. What if they place you in an assisted living home or nursing home just weeks after you place the home in their name? What if they relocate because of better opportunities? You should definitely see an attorney to assist with estate planning or elder care before going down this path.
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