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Best way to help buy my Mother a house?

My mother is 77 and her husband recently died and she moved from PA to NY to be closer to my brothers.  She has a house that she is closing on next month and should receive $130,000 when it's done.  She has no retirement and not much in savings and lives off her SS as of now.  She lives in a over priced apartment now and is miserable and would like to buy a house.  She doesn't want to use all the proceeds from the sale of her house as she would like a nice cushion to fall back on.  Problem is, the ones she thinks she can afford are nothing I would want her living in.  Wondering what the best option is for helping her get what she wants.

Buy her a house ourselves and charge her rent?  Buy her some land and have her put a modular home on it with the money she gets from the house?  Go in on a loan together?  
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September 19 2013 - Town of Owego
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Profile picture for wetdawgs
The aging process is hard to predict, hence the reason for building flexibility At 77, my mother was hiking people half her age into the dust on 6 to 8 h hikes in the mountains, the home grown vegetables and flowers swamped the neighborhood,  she mowed the lawn and volunteer organizations were begging her for more time.  Ten years later, the walker/wheel chair accessibility was required.  It was different from expected, but she was in the right place to accommodate the changes. It made it far easier for both her as well as  the siblings transition through a number of living situations was not required.

I'd have a hard time transitioning into an apartment with a bunch of nosey old women and men around, so sympathize
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September 19 2013
Profile picture for wetdawgs
"I can't see another solution that will make her happy."  That is an important consideration, but there is labor and.or money involved from four other folks so get the whole family involved

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September 19 2013
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Absolutely no condos in the area.  I've checked, it's a small town.  NYS is expensive to live but think we can pull it off for $100,000-110,000.  Condo would sure be the best solution.  I will have to rely on my 3 brothers to take care of her and the place.  

The property we are looking at is close enough to my brothers to make it convenient for all of them to come and check on her, plus there are houses nearby so she would have neighbors, just not under her nose.

She just loves to can and do all her own garden, I can't see another solution that will make her happy.
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September 19 2013
Buying land a putting up a modular is not always a cheap solution.

What about a condo?  You could buy her a home which in turn she could rent from you.  If you are in a position to do that.  Speak to an accountant to see if you can treat it like an investment property.

Unfortunately $130,000 does not go far today.
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September 19 2013
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Thank you for your reply's!  My mother is in pretty good shape and I haven't discussed it with 2 of my 3 brothers.  None of which are in a position to help her like we can for various reasons.  There is no animosity between any of us and I think they would welcome us helping her out financially.  Since they would be mowing her lawn and helping her out around the house, since the 3 of them are in the area of Owego, NY and my husband and I live in TN.

She has lived in the country all her life and is now in a 2 bedroom apartment for seniors and "Hates being around the old nosey women".  She wants a place to get out and plant flowers and grow a garden etc... Apartment living isn't for her. 
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September 19 2013
Profile picture for wetdawgs
You ask a tough question and are good for wanting to help your mother through the transitions.

Some things to think about:

Is there no rental that is more acceptable?

Are you and/or your siblings willing and able to purchase a home for your mother?    Yes, you can charge rent but you may be subsidizing your mother.   How does the sibling group feel about that?   Are you on the same page?

If you decide to purchase a home, are there homes that are excellent for "age in place"?   This would include wheel chair/walker accessibility, no stairs and many other features. (This would not be the average mobile home.)  Of course I have no idea of your mother's current condition, but having supported the elderly parents' aging process and home that supports independent living for as long as possible makes for less transition and less headaches for the offspring.

If I were in your shoes, I'd look for an acceptable rental.  


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September 19 2013

It is very nice that you want to help your Mom, since you have other siblings I think you should discuss this situation with them before taking further action.  There are a lot of pieces missing for us to provide sensible advice, We do not know the location where she wants to be or the price range of the properties in that area.  Is she going to be looking for a condo, assisted living, single home....?  Have you explored the possibility of an in-law unit in your brothers' homes?  Wherever she moves she will be faced with expenses such as real estate taxes, utilities, insurance, etc.  At 77 the idea of a single home with all the responsiblities attached to it and the maintenance seem a bit too much.  How much are the condos in the area she wants to be?  The other thing you can suggest is for your Mom to meet with a Reverse Mortgage lender, this may be the way to.  The best of luck, and if you feel you want to call me, please, feel free, I am a Senior Real Estate Specialist and have experience with that age group. 

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September 19 2013
 
Related Questions
Best way to help buy my Mother a house?
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Latest answer by wetdawgs
September 19 2013 | 7 answers
  • Asked by user86814605
  • In Investing
  • September 19 2013
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