Connecticut
Boyfriend wants to put me on mortgage
I am 52 and dating an older man 70 who has been divorced for 8 years. He lives on a fixed income and therefore was not able to qualify for refinancing after the divorce, so his ex-wife is still on the mortgage and title (mortgage is 1900/mo). Property is worth 300K and he has 100K equity in it. His home is a farming property with horses, etc., so not easy for him to sell and move. He has asked me to move in with him and has presented several options. Option 1I can pay him 900 rent and half the utilities, food, etc. Option 2) I can 'purchase equity' in his property of 10 or more and 'sell that equity' if I ever move out. Not sure what he means by this. Option 3) He applies to have his ex-wife taken off the mortgage and title and puts me on the mortgage and title as co-borrower. I have excellent credit and earn 80K/yr, so would probably qualify. I earn considerably more than he does and want to protect myself. His property is not one I would buy if I was looking to buy my own house. Also have concerns about the chance of him needing nursing home care in 10 years and the chance of having the house taken as an asset to pay for that after I would have put equity in. What is the best way to protect myself in this situation?
Boyfriend wants to put me on mortgage
I am 52 and dating an older man 70 who has been divorced for 8 years. He lives on a fixed income and therefore was not able to qualify for refinancing after the divorce, so his ex-wife is still on the mortgage and title (mortgage is 1900/mo). Property is worth 300K and he has 100K equity in it. His home is a farming property with horses, etc., so not easy for him to sell and move. He has asked me to move in with him and has presented several options. Option 1I can pay him 900 rent and half the utilities, food, etc. Option 2) I can 'purchase equity' in his property of 10 or more and 'sell that equity' if I ever move out. Not sure what he means by this. Option 3) He applies to have his ex-wife taken off the mortgage and title and puts me on the mortgage and title as co-borrower. I have excellent credit and earn 80K/yr, so would probably qualify. I earn considerably more than he does and want to protect myself. His property is not one I would buy if I was looking to buy my own house. Also have concerns about the chance of him needing nursing home care in 10 years and the chance of having the house taken as an asset to pay for that after I would have put equity in. What is the best way to protect myself in this situation?