want to help grandmother with mortgage

[tarajean118]

What is the name of your state? PA

My grandmother is 80 and had her home paid off, she had unsecured debt and she took out a loan and has 23,000 mortgage left. This is eating up half of her income. It is most likely that she will leave the property to me but I hate seeing her live the way she does. Her house is a wreck, she cannot properly take care of herself. I would like to be added as co-owner take over most of the bills and help care for her so she can enjoy the rest of her life. My problem is will the mortgage company allow this???? If they do I would like to refinance or take a line of credit on my half of equity on the property and get extra money out to fix up the place, and give her 10,000 spending money. The house has not been kept up and I have a daughter who cannot live in that environment. But My grandmother needs help too. What do I do. My income is about 2.5 times the amount than what my grandmother currently has. Will the mortgage company allow me to be added???? Please help. Thank you.

[FarmerJ]

If you had the house evaluated for its current market value AS IS even if in poor shape then you could go see a atty who practices in elder law and learn what the is and if you can buy the home from her perhaps allowing her to rent the home back from you on a long term lease . any way once you know the houses fair mkt value and have made a appointment to see a atty who practices in elder law you can learn all your options and the effects they will have should she have to be placed into a nursing home some day .

[tarajean118]

Thank you for responding. We had encouraged her to sell the house and the realtor listed it as 140,000. But if she sold the house she would still have to pay rent else where. I could only probally qualify for 80,000. But that would leave me with no money to make repairs and even though I could tolerate a less than perfect environment, I can't let my daughter live in filth nor my grandmother. Would it be fair if she sold if for less???? I set up an with my grandmothers attorney. I hope he will be able to find a way to work this in the interest of us both. Thank you.