I am 82. My monthly income from SS is $2000. My ONLY asset is the equity of $140,000 in my home. (Value = $300,000, mortgage = $160,000)
I recently had to borrow $53,000 from my daughter and would like to secure the debt, such that she has an interest in my home. I do NOT want to merely have this debt in my will (i.e. to let her inherit $53k more than her siblings---my kids will get equal shares of my estate.) Because if in future i need Medicaid for nursing home care, all the equity in my home may be used for Medicaid's recovery from my estate after I die, and my daughter would lose $53k.
How can I secure the debt using my house? Is it a quit claim deed? Or some other document? Must I transfer to her "quarter" or some fraction of interest, or can I put $53k? Sorry, No $ for atty.