carrieleeann
Junior Member
What is the name of your state (only U.S. law)? California
We are planning on moving my mother to assisted living. Her current home is on a reverse mortgage with a balance of approximately 125,000.00 and the house's current worth about 195,000.00. Can my sister and I buy out the existing mortgage, rent the home, and use that income to help pay for the assisted living? What are the tax consequenses of buying the home at lower than market value? The home is in a family trust with all three of us.
We are planning on moving my mother to assisted living. Her current home is on a reverse mortgage with a balance of approximately 125,000.00 and the house's current worth about 195,000.00. Can my sister and I buy out the existing mortgage, rent the home, and use that income to help pay for the assisted living? What are the tax consequenses of buying the home at lower than market value? The home is in a family trust with all three of us.