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Jack R.
Jack R., Attorney
Category: Estate Law
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I am 62, I moved in with my parents 6 years ago to take care

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I am 62, I moved in with my parents 6 years ago to take care of them, they are 88 and 89 and in failing help, i have an older brother and sister, my parents wrote up an agreement that i would stay in the house for 5 years after they passed before we would have to sell it and split the money, the house is paided for, siblings are ok with this. QUESTION...i dont own a home , should i buy the house now while i am working? i will be retired and on a fixed income 4 years from now or should i roll with the free rent for the 5 years and not worry about buying at my age? I will have to pay rent somewhere....what do you think?

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The choice on whether to purchase a home is based mostly or your financial status. When you become unemployed (retired) you will have a more difficult time securing a loan to purchase a home. If your plan is to pay cash then this will not be an issue. Most lenders will require you to have an income that will support a loan on property.


While you have permission to remain in the home after death of your parents you also need to look at whether they will have debts or other obligations that will force a sale of the home. For example if your parents are forced into a nursing home. You should consult an attorney about modifying the deed to the house to reflect the agreement you have with you parents and siblings.


Other considerations what your expectation for housing values are in the area. If housing prices are increasing waiting could make any future purchase costly.


If you do not have cash to pay for a home, then you can consider the tax benefits of home ownership, the appreciation of a home over time.


Having said all that my impressions are that if your parents have a nice home, and you are getting along well with their situation. Living rent free for at least 5 years and potentially substantially longer is hard to pass up.


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This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.


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