How to Leverage Property to Afford a Loved One’s Care Facility

When a loved one must be moved to a care facility, there are ways to leverage their property in order to afford the high cost. Q: My father has Alzheimer’s and I have power of attorney over his home. Due to the past hurricane damage, the home is in need of major repairs, everything from a new roof to new plumbing, and electrical work. These repairs are estimated to cost $21,000. The home has no mortgage and the property is worth about $60,000. Currently, my sister has been caring for my father, but it has become increasingly difficult on her. I was wondering if it was wise to have the home placed in my name and take out a mortgage on the property and use it for his care in a facility and to make some repairs over time. A: As the power of attorney holder for your father, you have a duty to act in your father’s best interests

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How to Leverage Property to Afford a Loved One’s Care Facility

When a loved one must be moved to a care facility, there are ways to leverage their property in order to afford the high cost. Q: My father has Alzheimer’s and I have power of attorney over his home. Due to the past hurricane damage, the home is in need of major repairs, everything from a new roof to new plumbing, and electrical work. These repairs are estimated to cost $21,000. The home has no mortgage and the property is worth about $60,000. Currently, my sister has been caring for my father, but it has become increasingly difficult on her

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Buying on a Land Contract: When is the Home Mine?

Typically, a land contract will determine the length of time you’re required to make payments on a home before you own it. As in this reader’s case, factors like the death of the seller can complicate the process. Q: I got a house on a land contract in 2005 and the seller died and I’ve been paying taxes for 15 years and still live in the house. When will I get the house in my name?

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How to Determine Legal Ownership of Quitclaimed Land

When it comes to quitclaimed land, as in this reader’s case, you won’t have legal ownership of the title if your relative didn’t have legal ownership to begin with. Q: My husband’s mother inherited land from a family member and isn’t allowed to sell it. We moved onto an acre of it with a mobile home because we were told we couldn’t build a home on it. His parents then realized they had to pay taxes on the land we lived on and had a quitclaim deed written up giving my husband the acre of land. Can we build our house on the quitclaimed land now? Would his mother have any rights to our home? Can she take back the acre of land she quitclaimed to my husband? We’ve lived on the land for over three years.

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Will Selling My Mom’s House Affect Her Medicaid?

Medicaid can penalize you for selling assets, like a second home, for less than they’re worth. An attorney can help find the best solution for you and your family. Q: My parents own two homes, one is their primary residence, and the other belonged to my mother’s parents which she received upon their death.

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I’m Nearing Retirement. Should I Pay Off My Mortgage?

When you’re nearing retirement, is it a better idea to pay off your mortgage or invest that money?  Q: Greetings! I’m a long-time listener to your radio show and read your free weekly newsletter. You even gave me good advice nearly 10 years ago when I called your show about my real estate in Georgia. But I have another question and hope you can help. Would you advise to pay off the house? The mortgage loan balance is $100,000. I have $120,000 in cash in the credit union, another $13,000 stuffed under my mattress (that’s my “world is coming to an end” cash stash) and more than $350,000 in my retirement account. My mortgage payment is $564 per month.

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Condo Declarant Should Pay Expenses For Units They Own

When a condo declarant still owns unit in the building, they’re responsible for ongoing maintenance expenses in the building. Q: We bought into a condo development five years ago. The condo documents said the declarant didn’t have to follow the condo rules or pay dues on his units until the last unit was sold. We didn’t worry because the declarant control had expired and developer was paying a reduced agreed amount each month for upkeep. We figured it would all shake out once all units were sold. We are about 65 percent sold and there is a shortage of condos in our city. However, the developer decided to turn the last 35 percent of his units into rental units, and since he no longer plans to sell them, refuses to pay into the reserve fund or full condo dues. The owners are concerned because renters move in and out more frequently and cause more wear and tear on the building. The developer claims he is still the declarant and so does not have to abide by rental rules like having dogs of a certain size, lease details and providing renters’ contact information to the management company. Worse, we are short over $3,000 each month because of the previously agreed-upon reduced payment (we agreed to give developer a break to help sell the condos)

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Condo Declarant Should Pay Expenses For Units They Own

When a condo declarant still owns unit in the building, they’re responsible for ongoing maintenance expenses in the building. Q: We bought into a condo development five years ago. The condo documents said the declarant didn’t have to follow the condo rules or pay dues on his units until the last unit was sold. We didn’t worry because the declarant control had expired and developer was paying a reduced agreed amount each month for upkeep. We figured it would all shake out once all units were sold. We are about 65 percent sold and there is a shortage of condos in our city. However, the developer decided to turn the last 35 percent of his units into rental units, and since he no longer plans to sell them, refuses to pay into the reserve fund or full condo dues. The owners are concerned because renters move in and out more frequently and cause more wear and tear on the building. The developer claims he is still the declarant and so does not have to abide by rental rules like having dogs of a certain size, lease details and providing renters’ contact information to the management company. Worse, we are short over $3,000 each month because of the previously agreed-upon reduced payment (we agreed to give developer a break to help sell the condos).

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