Sell or Transfer house

[joemuni]

What is the name of your state? new jersey

I am considering applying for a loan for my mother from a state agency for house repairs.

The repayments are deferred and possibly forgiven over time if qualified, provided the house is not sold or transfered, at which time the full amount is due.

My mother owns the house.

How should I understand "sold or transfered", if there would be a future inheritance to the children or if the deed is changed to joint ownership with children or sold / gift to children ?

Thanks for comments.

 

[lcannister]

The repayments are deferred and possibly forgiven over time if qualified, provided the house is not sold or transfered, at which time the full amount is due.

I am sorry I do not find that statement hard to understand at all. So what are you really asking, if the kids can take the house through various transfer/inheritance means and get by without paying off the loan? The answer would appear to be NO!

 

[moburkes]

Generally, the debt is forgiven if your mother dies.

 

[lcannister]

Me thinks they want the loan then want to transfer it to the children rather than wait until death.