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Moving in with Children?  Know Their Finances.

1/31/2019

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Question:  We are retiring soon, and would like to spend some months in Florida.  We may sell our home and build onto our son’s house.  We have no mortgage, and would use 1/3rd of our sale proceeds to build.  What should we consider?
 
Answer:  You are not alone, in your quest.  There are no set rules for a successful and enjoyable retirement.  If you are looking down this road, there are many considerations.  In fact, I should probably spend the next few weeks discussing each item in detail.  Most importantly, you should know your son’s financial situation. 
 
Have a detailed discussion about your son’s mortgage and housing costs.  What is his monthly mortgage payment?  Taxes?  Insurance?  PMI?  2nd mortgage or equity line?  You are leaving a housing situation with no mortgage – moving into housing in the shadow of a looming mortgage.  Your stay will be uninterrupted as long as the mortgage company is satisfied.  However, you will be reliant on your son’s ability to perform his mortgage obligations.     
 
Play out the scenario of him losing his job, becoming disabled, or worse, dying.  How long could he go before defaulting on his mortgage?   Is his employment solid?  What is his outstanding mortgage balance?  Would (or could) you step in to cover the monthly cost? 
 
What are his and his wife’s outstanding debts?  Do either of them owe federal or state taxes from the past?  Any prior bankruptcy filings?  Get a clear financial picture of your son and daughter in law, because your housing rights may soon hang in the balance.
 
Attorney James Haroutunian practices real estate, estate planning and business law in Billerica at 630 Boston Rd and can be reached with questions at 978-671-0711 or via email: James@hlawoffice.com.   
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