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If my mother and I both put our money together and buy a house outright, can we put my name only on the mortgage?

Hartford, SD |

I'm trying to protect the house/my investment in the event that my mother needs to go into a nursing home.

Attorney Answers 3

Posted

That will first be up to your Lender, and if your Lender agrees, then the two (2) of you need to expore the "pluses and minuses" of doing so.

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Posted

I would suggest contacting an elder law or estate planning attorney in your area. There may be a risk in doing this, and there may be better ways to accomplish your goals. The Find a Lawyer tab at the top of the page allows you to search by practice area and location.

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Posted

You may certainly pool your money and buy a home with you listed only on the mortgage - assuming that you qualify for a mortgage on your own.

As to the second issue, i.e., protecting assets in case your mother will need long term care, as my colleagues have suggested, you should consult a local estate planning / elder law attorney who can best advise you and your mother as how to best protect your assets.

If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.

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