Purchasing a home with inheritance income.

[Just Blue]

At THIS time, you don't have $7,800 in income per month. What if your mom decides tomorrow that she would rather give everything to the Church of the Flying Spaghetti Monster? Then you have NO expected income from that source. What you are doing is counting your chickens before they've hatched.

My Mom did that...I gotta say the Pasta is living large! (heehee...get it Pasta...Pastor. )

 

[Sheriff100]

At THIS time, you don't have $7,800 in income per month. What if your mom decides tomorrow that she would rather give everything to the Church of the Flying Spaghetti Monster? Then you have NO expected income from that source. What you are doing is counting your chickens before they've hatched.

My mother is 93 years old, she has Alzheimers and is failing fast. Her will/estate cannot be changed at this point as she is not competent. So that will all remain the same. As stated in her will, two months after her death I will start to receive the monthly income. Also, immediately upon her death the nine homes she rents will be put up for sale. I am not worried about the will getting changed at all.

Another way to look at this - After 36 months you lose a large portion of your ability to repay the mortgage. It was stated earlier that you have no control over how long it will take to sell the inherited real estate. If it takes greater than 36 months, you will not have the resources to pay the debt. The lender can't/won't take that risk.

 

[xylene]

The right answer is you have not contacted the right bank about the right finance product. You don't want a mortgage, you want a loan against your future annuitized inheritance. Expect to pay a much higher interest rate than a mortgage for your haste.