After your last parent passes,and with only a home to split equally with my brother. What is the least expensive way to do the split.

The house is paid for but ,there is a reverse mortgage involved . The money owed
and fees are minimal,probably in the 50k area

Asked on April 11, 2017 under Estate Planning, California


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

I think that whatyou are trying to do is to estate plan, correct? That is a great idea.  What do you and your sibling intend to do with the house once you inherit it?  Do you intend to sell it?  The estate generally has 6 months to pay off the reverse mortgage once the borrower passes away.  The "easiest" way to take ownership is to avoid probate, which would mean adding you and your sibling to the deed.  You may be able to do this even with the reverse mortgage.  The lender would have to be notified and agree and the deed would have to indicate that the transfer is "subject to" the debt. Seek help here.  Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.