What is the name of your state? WI
I had made the following posting under Real Estate Law, but someone advised me that it might be better if it were posted here:
I saw my insurance agent yesterday to update my policy, and he informed me of something troubling. He asked me about what names are on the title of my house, and I told him mine and my Dad's. That's because my Dad loned me the money 9 years ago to buy my current house and we agreed that his and my name would be on the title as joint owners until I paid off the loan to him, then his name would be removed and I would be the sole owner. My Dad wrote up a paper he called a promissory note that we both signed that states all this.
Well, my agent said that if my Dad were to end up in a nursing home, they would be able to take not only everything he has, but also my house too because his name is on it. I guess they could take half of it, actually. ALSO, once I pay off the loan, which should take just 2 more years, there would still be another 7 years that would have to go by before I would be safe from having my home taken! But if I am paying off a loan, and I can prove with reciepts that I PAID for my Dad's half, then how could a nursing home still take it? It's basically like he SELLING me his half. If a total stranger were to buy my house, a nursing home couldn't take it from them, so why would they be able to take it from ME?
Please help me understand this. I've been stressed out ever since I was told about this yesterday! Thanks!
I had made the following posting under Real Estate Law, but someone advised me that it might be better if it were posted here:
I saw my insurance agent yesterday to update my policy, and he informed me of something troubling. He asked me about what names are on the title of my house, and I told him mine and my Dad's. That's because my Dad loned me the money 9 years ago to buy my current house and we agreed that his and my name would be on the title as joint owners until I paid off the loan to him, then his name would be removed and I would be the sole owner. My Dad wrote up a paper he called a promissory note that we both signed that states all this.
Well, my agent said that if my Dad were to end up in a nursing home, they would be able to take not only everything he has, but also my house too because his name is on it. I guess they could take half of it, actually. ALSO, once I pay off the loan, which should take just 2 more years, there would still be another 7 years that would have to go by before I would be safe from having my home taken! But if I am paying off a loan, and I can prove with reciepts that I PAID for my Dad's half, then how could a nursing home still take it? It's basically like he SELLING me his half. If a total stranger were to buy my house, a nursing home couldn't take it from them, so why would they be able to take it from ME?
Please help me understand this. I've been stressed out ever since I was told about this yesterday! Thanks!