My husband and I are SSI recipients. My mother died without a will and left a house worth between $76-$90,000 or so with two mortgages totaling $55,000 or so to me and my sister. We are trying to figure out what to do with the house. One of my biggest concerns is the impact any decision could have on my and my husband's SSI and Medicaid.
Here are some ideas that have come up so far. Any other good ideas would be appreciated.
Option 1: Let my sister buy me out. Receive $10,500-$17,500. Immediately pay down debt and use the rest for a down payment on my own house, with the goal of only exceeding the countable resource limit for one month.
Option 2: Let my sister buy me out. Let her make payments totaling $10,500-$17,500 over 3-5 years. (From what I've read, I believe the promissory note in this arrangement would be counted against me as resources. Correct?)
Option 3: Move into an illegal garage apartment connected to the house that is about half the size of the house. Let my sister live in the actual house. Pay an agreed upon amount toward monthly expenses, probably 1/3 of all expenses. Possibly sell my share of the house to her later.
Option 4: Sell the house to a third party for $10,500-$17,500 more than the mortgage. Split the proceeds 50/50 with my sister. Immediately pay down debt and put a down payment on a house in effort to not be over the resource limit for more than one month.
Option 5: Get a cash-out refinance or some other loan and buy my sister's share of the house. Rent out the illegal garage apartment at 1/3 of the total cost of everything (so it is effectively non-profit) to help me afford the mortgage and utilities, etc.
Here are some ideas that have come up so far. Any other good ideas would be appreciated.
Option 1: Let my sister buy me out. Receive $10,500-$17,500. Immediately pay down debt and use the rest for a down payment on my own house, with the goal of only exceeding the countable resource limit for one month.
Option 2: Let my sister buy me out. Let her make payments totaling $10,500-$17,500 over 3-5 years. (From what I've read, I believe the promissory note in this arrangement would be counted against me as resources. Correct?)
Option 3: Move into an illegal garage apartment connected to the house that is about half the size of the house. Let my sister live in the actual house. Pay an agreed upon amount toward monthly expenses, probably 1/3 of all expenses. Possibly sell my share of the house to her later.
Option 4: Sell the house to a third party for $10,500-$17,500 more than the mortgage. Split the proceeds 50/50 with my sister. Immediately pay down debt and put a down payment on a house in effort to not be over the resource limit for more than one month.
Option 5: Get a cash-out refinance or some other loan and buy my sister's share of the house. Rent out the illegal garage apartment at 1/3 of the total cost of everything (so it is effectively non-profit) to help me afford the mortgage and utilities, etc.
Disability Benefits: How Not to Lose SSI when Inheriting a House Jointly with Sister
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