Adding MIL suite to our existing house

BritttaNovember 19, 2004

Hi all... I'm not exactly sure what type of loan we would need to look into for this situation. My mom is thinking of selling her house and downsizing. She's only there what turns out to be 1/2 the year anyway do to traveling and visiting relatives across and out of state.

Please, no opinions about having parents live with you... I'm not questioning the lifestyle change about that (we're well aware and that is a whole different thread :)

Is it possible for her to sell her house, move in w/us, then have HER take out the construction loan for the addition? Or because it would be connected to our house, are we the ones that need to do it because it's our name on the mortgage? We understand we'd have to get permits, building code checks, etc... we just really (at this point) only need to know if there's a loan out there to do something like that in her name on our house.

Thanks!! :)

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chelone

That's an interesting question and I see no reason why the loan couldn't be in her name.

My elderly mother lives with us. She has a very pleasant bedroom and a bathroom on the first floor of our home. There is a door from her room to the terrace on the south side of the house. Her room has a thermostat in it, all the walls are fully insulated and she is warm, cozy, safe, and well looked after. Sometimes it is a grind, but mostly it's OK. Places to "retreat" and be ALONE are key. I would also encourage you to pay special attention to the bathroom. Build it generously and select fixtures that will accomodate walkers, wheelchairs, and the inevitable frailties your mother will exhibit in the years ahead. Consider an intercom, too!

    Bookmark   November 19, 2004 at 7:39PM
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Jonesy

I don't see how she could get the loan in her name if the property is not in her name. I guess it's possible for her to get the loan if she has a savings account to use as collateral. Everyone as to have collateral of some kind.

    Bookmark   November 22, 2004 at 7:00PM
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Brittta

Jonesy, thanks for replying. I reposted a different question in terms of financing the addition where and wondering if it could work to both of our benefits. It's in the "joint tenancy" thread. Thanks for your input here :) We have since found out as well as determined the loan would definately have to be in our name alone unless we wanted to go through a bunch of hoops. Thanks again :)

    Bookmark   November 23, 2004 at 7:28AM
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Jonesy

Britta, You're welcome, Since my father died in an accident at 50, I have thought about what would happen if it was my husband that suddenly died, what would happen to the kids and I. I find the subjects about retirement, money, medical, and other things we are faced with at our age, very interesting and love to discuss it to learn more. I read every article I come across about these subjects. I don't know the proper terminology for ownership of property, but I understand the "right of surviorship". Everything we own is like that, that is wonderful considering we are in a yours and mine (kids) situation. Your mom is lucky to have someone in her life that cares about her. My husband is lucky to have me, especially to have a wife 10 years younger than he is. I will care for him as long as I am able. When my time comes, I won't be so lucky, but I will handle it like I handle everything. Good luck with your mom.

    Bookmark   November 23, 2004 at 8:00PM
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gina_in_fl

For what it's worth: I bought a home in my neighborhood for 'relatives' to stay in. My folks never visited, and I was about to turn it into a seasonal rental when my Father got terminally ill. Mom stays in it now. Next-door, not in my face. Maybe you could look for an affordable place near you that your mother could stay in?????

    Bookmark   December 5, 2004 at 3:00AM
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