QUESTION
Will son to home when reverse mortgage is involved.
Asked on Aug 27th, 2021 on Estate Planning - Texas
More details to this question:
I am 71 years old and I have a reverse mortgage and I want to make sure if I go into a nursing home, the house will pass to my son so that the nursing home does not get it. What can I do?
1 ANSWER
Estate Planning Attorney serving Addison, TX
at
Dallas Estate Attorney
Update Your Profile
Depending on the terms of the reverse mortgage will depend what happens when you pass. Typically these loans have a window for repayment after which the real estate belongs to them. You might be able to do a TODD or LAdy Bird Deed of your interest, but until you meet with a lawyer who is versed in these areas, I would not recommend this as a DIY project.
Answered on Aug 30th, 2021 at 11:00 AM