Updated almost 2 years ago on . Most recent reply
Assumption and look back?
Posted in the wrong area originally.
My wife is interested in assuming her mom‘s mortgage. We have checked into this and it is something that she can do. However, the question we have is, if she assumes the mortgage and her mom unexpectedly goes into care, can the government force us to sell if it occurs in the five-year window? I believe the look back is a five-year window for Medicare?
my wife would assume the loan, and quit claim deed her mom off. We don’t anticipate this happening however, you need to prepare for every scenario.
we have agreed to purchase the property for the loan balance of say 200,000$ value, 375,000$ and she lives there for $350 a month. So a long term play. Any other creative financing ideas?