Need help... recently decided upon taking my widowed mother-in-law and joining forces to buy a home. Since she needed a smaller place and my husband and I were looking for a home. She will be providing the down payment (about half her savings) and giving us a certain dollar amount a month to help with the mortgage.

My husband expressed to me that she wants to have "some ties" to the house and would like to be on the deed or mortgage... in case something goes wrong between my husband and I. She also was concerned about getting some refund on her taxes.

My question is: a) does she NEED to be on the deed if she is not listed on the mortgage and b) what type of benefit does she gain by doing so and in all honesty-do I lose anything by her doing so...

Thanks.

If she is putting up the down payment, then she should certainly have an interest in the home. Seems fair to me. You can setup the deed to give her a percentage or simply have all three of you listed as joint tenants with right of survivorship. That protects her in case you and your husband split.

As to being on the mortgage, I see no problem in that either. But I would talk with the lender about it.

The only thing you lose, is if you do split from your husband, you would have a smaller share of the home. But since she's putting up the down payment, I think that's fair.

I think it is proper that her name be on the deed, I think you should talk to your closing lawyer to see how this can be done so that she can be satisifed her contribution is being recognized and if she is putting up her savings to help you buy a house you couldn't normally achieve, then be kind and give her what she wants. And in all honesty, IMO, don't be entirely thinking of getting stiffed, you, my dear are benefiting from having someone offering and willing to help you out.

Quote:

---

Originally Posted by klib

Need help...recently decided upon taking my widowed mother-in-law and joining forces to buy a home. Since she needed a smaller place and my husband and I were looking for a home. She will be providing the down payment (about half her savings) and giving us a certain dollar amount a month to help with the mortgage.

My husband expressed to me that she wants to have "some ties" to the house and would like to be on the deed or mortgage....in case something goes wrong between my husband and I. She also was concerned about getting some refund on her taxes.

My question is: a) does she NEED to be on the deed if she is not listed on the mortgage and b) what type of benefit does she gain by doing so and in all honesty-do I lose anything by her doing so....

Thanks.

---

:p I don't see why not , when she is giving you about half her savings its only fair.