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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.
Can you give me more information here and questions so I may assist you today, thanks.
Here you can buy it.It that scenario she keeps life estate and you get the remainder interest.She might will you the note here and all her other property.I am assuming you would have her or you would pay off the note and she deeds you the remainder interest.There is no problem with that and honestly you are less likely to have problems with the kids because she got a life use out of it and left the remainder to you.I think this is a great idea to transfer it now, that way you are protected, you never know what kids might get her to sign a second will.A recorded deed gives you the interest in the house and it cannot be taken away.It might also eliminate the expense of probate.I would see if she would put it in both your names here if you want a legal interest as well.Your ex could die and leave you out otherwise since you are no longer married.No reason it cannot b transferred to both of you on the deed.
The disability folks (social security) will not lien his property.I suggest you have her transfer the remainder interest to you both a joint tenants with right of survivorship.This means once the neighbor deceases both of you own it, it one of you dies the other one gets it here.That way you don't worry about the future you will always have a home.That can be important as you might outlive the ex here as well.
I appreciate the follow up.I wish you the best here.I think a deed with life estate for the lady and joint tenancy with right of survivorship for you both is critical since you aren't married here it protects you and gives you an ownership interest as well.