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.
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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
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 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.
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