While I think weekly therapy is incredibly important for some of my kiddo’s wellbeing, I am relieved that DS2’s therapy was cancelled today. My to-do list today is massive, so it is nice I can free up a few hours.
I have a good talk with DW about how to proceed with my MIL. DW doesn’t deal with stress or high emotion well, so it was a tough talk but I think we know where to start. DW expressed a desire to move into the house once we move MIL to an assisted living home. There are several things we have to work out before we can even determine that would be an option, but it got me thinking. The mortgage is comparable to what we pay now, so we could easily assume payments but what happens when MIL passes. I fear we wouldn’t qualify for the amount needed to buy the home for what is owed. I did some google searching and a federal law passed in 1982 states that when someone inherits a property with an existing mortgage they do not need to refinance. They just notify the bank that they are living on the property, that they will continue making payments and then have their names placed on the deed.
So the idea is out there. Over the next month, as I weed through MIL’s paperwork, I should find out if this idea is even feasible. Once we got the house cleaned up, it would be perfect size for our family. I would be working from home and DW would be commuting opposite of traffic. It is in the best school district in the state and is only a few miles away from the two specialty schools I am looking into for DS2. I need to stop daydreaming…
You are right in assuming the mortgage when MIL does pass. Would you need to buy out equity from siblings?
ReplyDeleteDW has one sibling. It was written in MIL's will that if one if children want to keep the house they could but when/if the house is ever sold any profit would be split between both.
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