I recently purchased a home for my retired parents about (2) years ago.
$150,000 down and financed $60,000. The mortgage is in my name.
The property is in a retirement community that requires my parents names on the deed since they are over 55 and I am not. (They could not live there unless they were 55.)
So all of our names are on the deed since I am paying for and they live there.
I have heard that if they had to go into a nursing home, they have to turn the property over to the state. Is this true?
Would I lose the home?
Would a TRUST protect me?
Do I even need to worry since I paid for the home and I would still be on the deed after they enter a nursing home?
$150,000 down and financed $60,000. The mortgage is in my name.
The property is in a retirement community that requires my parents names on the deed since they are over 55 and I am not. (They could not live there unless they were 55.)
So all of our names are on the deed since I am paying for and they live there.
I have heard that if they had to go into a nursing home, they have to turn the property over to the state. Is this true?
Would I lose the home?
Would a TRUST protect me?
Do I even need to worry since I paid for the home and I would still be on the deed after they enter a nursing home?
