buying house with mom

[CGA]

I'm getting ready to buy a condo with my mom. I am single and she is a widow. I cannot afford to buy it on my own, so she offered to cosign on the mortgage but doesn't want to be on the deed because she thinks if she ever became ill and had to go to a nursing home, they would come after me to pay for it. I have no idea if that's true. I think she should be on the deed since she will eventually come live with me anyway. I live in NJ. DOes anyone know the answers to these questions? My lawyer said he wasn't sure what to do, but he'd look into it.

 

[JETX]

This is purely a personal issue and has nothing to do with the law.

However, one thing both of you need to consider... the tax issue. Only the person listed on the mortgage will be able to deduct the mortgage interest paid.

 

[HomeGuru]

Ask the lender if Mom can be a mortgage accomodator.

 

[CGA]

Not sure what you mean about it being a "personal issue". My question really is: can a nursing home (or hospital) come after me for payment if mom ended up in a nursing home or had huge medical bills, or does that have nothing to do with who's listed on a mortgage? That sounds like a legal question to me!

 

[JETX]

Your question, posted to 'Buying and Selling a Home', wasn't clear as to whether it was about the personal issue of a 'personal lender' being included on the mortgage (which would be in the correct forum) or not (as I assumed it to be) of what possible healthcare repercussions IF her name were on the mortgage (which would be in the wrong forum).

The reason I said it was a personal issue was, from your post, she said she didn't need (or want) to be on the mortgage and you felt that she should anyway. That is a personal issue.

Further, I assume the issue really isn't the nursing home as much as it should be medicare, etc. (correct??).

I didn't even consider that you were really asking about the legal issue of whether her name on the mortgage would show up as an asset owned by her in the evaluation of medicare (or healthcare) benefits and possibly affect the evaluation. It would.