Buy house from Grandad

[mpr131]

What is the name of your state? Pennsylvania

I posted the below question in the tax law forum and I was recommended to ask in elder law. Skipping the tax questions what is the best way to handle the below situation? (i.e. add my name to title, buy outright, etc.)
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What is the name of your state? Pennsylvania.

I want to help my grandfather on his current housing payments. His current credit rating eliminates him from obtaining a good rate on a home equity/refi loan. It was recommended to me to add my name to the title then to do a refinance as opposed to buying outright from him because it would be cheaper. However I also heard there may be implications to my grandfather's taxes if this is done...including possibly losing his social security benefit. I don't want this to happen. Any help is appreciated.....

1. Does this have any tax implications for him?
2. Does this have any tax implications for me?
3. Can he lose his Social Security Benefits?
4. Can I add my name to the title via a quit claim? (not sure of the correct term)
5. If we are both on the title is it possible to only consider my on the refi?
6. Does the current mortgage company care?

Thanks.

 

[Dandy Don]

Only a CPA or local tax accountant can answer your questions about the tax consequences.

You can call your local Social Security Office to get your questions about that aspect answered (of course you would not reveal your name or your relatives' name) or visit the Social Security website to see if you could post your question online.

Current mortgage would probably be agreeable to your doing this since they would be reasonably assured of continuing to get paid but you would also want to discuss this with them.