Posted on: 04th May, 2010 01:11 pm
My mother is now in a nursing home for Alzheimer's. She gave me a warranty deed with life estate in '97. Mother just turned 82, is still mobile, but has very bad short-term memory loss. She will be in the nursing home now for safety reasons and for inter-social activities there she needs. I live 3 hours away. There is a $60,000 equity loan on the house, which is appraised at approx $125,000. I am now paying this loan, utilities, yard upkeep, etc. Can I sell the house and ease this financial burden on my family, or keep it until my Mother passes away? Thank you.
Hi jmelton,
If your mother has signed a warranty deed and transferred the property, then you would be considered as the owner of the property. You will be able to sell it off in order to ease the financial burden on my family. As your mother has life estate rights, she may claim a portion of the sale proceeds.
Thanks
If your mother has signed a warranty deed and transferred the property, then you would be considered as the owner of the property. You will be able to sell it off in order to ease the financial burden on my family. As your mother has life estate rights, she may claim a portion of the sale proceeds.
Thanks