Profile picture for BilboMahon

Home for Dad

We are considering buy a home for my 82 y/o dad.  He is currently living in a remote location that is 40 minutes from a 911 response and 4 hours from us.  We live in an adult community in Salem. A home for Dad in this community will probably be in the $150K range. He will get some cash out when he sells his current place and I have and 800 credit score and enough income to help buy a house.  Would it be best for Dad to buy or rent?  Would it make sense if I bought a house and used some of his cash form the sale for the down-payment?  How can we work together to buy a house without creating a tangled mess when it comes to settling his estate with other family members?
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November 27 2013 - Salem
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Answers (5)

Bilbo,
A few other options.
Reverse Mortgage "Earlier this year, the FHA announced the "HECM for Purchase" program that was designed to help seniors that need to move to a smaller house or relocate to be closer to family members during their senior years."
Here's one I Googled out your way in Salem.
http://trinityreversemortgage.com/


Life Estate "For example, a person can also own a life estate, which is the right to use property during their lifetime (or during the lifetime of some other specific individual). If there is a life estate, the property will pass to what is called the remainderman upon the end of the life in question. The holder of the life estate has a duty not to allow the property to deteriorate, and must take appropriate steps to maintain the property."
I Googled Life estate in Oregon.
http://corvallislegal.com/forms-ownership-real-estate-oregon

My Sister Monica and Her husband live in Salem and my folks live in Sutherlin. Our Parents live in Sutherlin and are also 82. We have been talking about the same things.

Best of Luck ! Gail




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December 01 2013
With the kind of money you're talking about, you should enlist an estate planning attorney and a CPA. This is not a problem that can be readily solved by even people like us.

All the best,
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November 27 2013
Profile picture for sunnyview
I agree with dawgs. Have your dad rent closer to medical care. Also consider that if he owns, he may not be eligible for some state health services if he requires in patient or assisted care in the future.

It is not worth the risk of mixing your finances with your dad's estate or finances. Those situations turn out very badly in my experience unless you are an only child who is making ALL legal, health and estate decisions. Do not risk it. Renting at 82 is a better, more flexible option anyway.
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November 27 2013
A program that might suit your situation is a Family Opportunity Mortgage.  The program is quite simple and would allow funds from your father to make the down-payment, yet have the loan and Title in only your name (to avoid the tangled mess).    The loan rate/pricing is the same as Primary/Second residence, so there is not a Pricing adjustment for Non-Owner Occupied.  

Our company has a informational flyer about the product that I would be glad to email to you if you contact me through Zillow.   
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November 27 2013
Profile picture for wetdawgs
This is a tough question and there are a lot of "it depends".   The two major themes are his health and life expectancy and the other is his finances.    Of course, the question of whether he wants to and will move will come up here.

If I'm lucky enough to hit 82 and moved, I would rent.   I would do so for many reasons, including not having to be responsible for maintenance,  flexibility because if health changes , as well not want to burden those who settle my estate in 1 to 20 years with the complications of having property to sell. 

Does he want to move?   Perhaps he would prefer to die of a heart attack because of long 911 response than to move and not live in his own remote home.   That is a choice our parents are allowed to make.

So, how's his health?   He's probably pretty robust living on his own in a remote location.     At 80 my Dad backpacked 50 miles with his friends, at 86 he died (and chose to die in his own home).   So, I've closely observed how health changes can happen and housing needs may change.

Finances:  mixing up yours and his would cause endless hassles.     If you can't find a rental, are you willing to buy (without his help) and have him pay market value rent?   Can he afford rent?  Can he afford to buy and pay the monthly mortgage.?   

No, you don't have to tell us any of that info, but those are the questions you need to work through to help make a decision.

good luck

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November 27 2013
 
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