What to do if my 89 year old grandmother told me to take over her home because she not able to keep it up?

I’m her power of attorney. She does not have a mortage now she has someone staying in the house who does not pay her rent. It needs fixing. How can I go about doing this? She has another house but has a mortage on that. The house in question, is worth $69.000. How can I get a moratage and fix this house up? I need to know what and how it’s going to effect me tax wise. This is my first time everydoing anything like this.

Asked on January 21, 2013 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

In order to safeguard your  and your grandmother's interests I suggest that both of you meet with a real estate attorney to acomplish your grandmother's goals. One way is a buy sell agreement between you two where you pay a set amount secured by a mortgage evidenced by a promissory note. Your grandmother can gift you $13,500 per year tax free off of the note. From that you can hopefully get a line of credit for the home to make the needed repairs.


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