Hello All,
I am writing on behalf of my cousin and Auntie. Cousin “Naomi” will pipe in when necessary, but she’s pretty busy right now. 75 year old Auntie is in the hospital and may need alternative living arrangements.
Auntie and Naomi own a house together for about 15 years. Both are on the deed and the mortgage is in Naomi’s name. They own it (as deeded) together as if they are “married” but they are not – they own the house together as mom and daughter and legally speaking (I think) have split all the finances. As some judge said, “I can’t separate your pots and pans for you.”
Auntie may need to be in assisted living, if not skilled. She does have a long term health insurance. They recently had a visiting nurse a couple of times a week since the beginning of the year – using some of those benefits. Bottom line is she could pay privately (?) through her insurance for about four years in a suitable facility. Naomi only recently learned of this long term insurance. Good, right?
What happens after that? The home has been Naomi’s and Auntie’s, together for some time. Selling does not seem a viable option. Through an elderly law seminar, it appears that they should not have to sell the home because Auntie may have “inaccessible assets”. This has been Naomi’s home, too, and she herself is almost 50 (sorry cuz!)
Is there any way for Auntie to draw on “her” equity of the home for her own care, and Naomi can continue to enjoy “her” home? I think a refinance is not possible – I’ll leave for Naomi to clarify, if you need.
Little background: Naomi has been Auntie’s caretaker for the past seven years, after a stroke. Auntie rehabbed quite well physically and mentally, she is very sharp. She does have several life long conditions (such as Lupas) and more recent afflictions that make her day to day ADL’s (activities of daily living) more time consuming (for Auntie and Naomi, her primary care giver.) Naomi is a full time professional.
My mom is Auntie’s sister. She is Auntie’s advocate and I am Naomi’s. Our moms usually win any disputes, using the “mom clause”, but we (me and cuz) are older and wiser now- there must be a happy medium.
Though the law may not dictate it, we want it all to be fair. Please advise legally and personally. Thanks much for reading.
I am writing on behalf of my cousin and Auntie. Cousin “Naomi” will pipe in when necessary, but she’s pretty busy right now. 75 year old Auntie is in the hospital and may need alternative living arrangements.
Auntie and Naomi own a house together for about 15 years. Both are on the deed and the mortgage is in Naomi’s name. They own it (as deeded) together as if they are “married” but they are not – they own the house together as mom and daughter and legally speaking (I think) have split all the finances. As some judge said, “I can’t separate your pots and pans for you.”
Auntie may need to be in assisted living, if not skilled. She does have a long term health insurance. They recently had a visiting nurse a couple of times a week since the beginning of the year – using some of those benefits. Bottom line is she could pay privately (?) through her insurance for about four years in a suitable facility. Naomi only recently learned of this long term insurance. Good, right?
What happens after that? The home has been Naomi’s and Auntie’s, together for some time. Selling does not seem a viable option. Through an elderly law seminar, it appears that they should not have to sell the home because Auntie may have “inaccessible assets”. This has been Naomi’s home, too, and she herself is almost 50 (sorry cuz!)
Is there any way for Auntie to draw on “her” equity of the home for her own care, and Naomi can continue to enjoy “her” home? I think a refinance is not possible – I’ll leave for Naomi to clarify, if you need.
Little background: Naomi has been Auntie’s caretaker for the past seven years, after a stroke. Auntie rehabbed quite well physically and mentally, she is very sharp. She does have several life long conditions (such as Lupas) and more recent afflictions that make her day to day ADL’s (activities of daily living) more time consuming (for Auntie and Naomi, her primary care giver.) Naomi is a full time professional.
My mom is Auntie’s sister. She is Auntie’s advocate and I am Naomi’s. Our moms usually win any disputes, using the “mom clause”, but we (me and cuz) are older and wiser now- there must be a happy medium.
Though the law may not dictate it, we want it all to be fair. Please advise legally and personally. Thanks much for reading.