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I’m a strong believer that you only own a house with a spouse or alone by yourself. It’s too big a commitment with potential complications to buy with anyone else .
My nephew has a mortgage on his house. His mother lives with him and she pays him rent.
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Reply to waytomisery
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This is a complicated question that relies on state law about land as well as health care, and a lot of money is at stake. You need a local lawyer.
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Reply to MargaretMcKen
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Cautionary true tale: Mom's friend "Estie" used her husband's life insurance to build a mother-in-law apartment onto the house owned by her son and his wife. She was to look after the kids when they came home from school, babysit when the parents went out at night, and work in the yard. Son was pastor of a church. After a few years of her free labor, the bank repossessed their house. She didn't know they hadn't been paying the mortgage payments! Her home was part of the larger house and she lost it. Don't do this with your goddaughter. Anyway, why would she want to take care of you as your health worsens in old age? That gets tiresome very fast no matter how much you think she loves you.

It's not a good idea for either of you. Find a continuum of care retirement village where you can put your money into a nice villa or apartment and be assured that when you need care, it will be right there.
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Reply to Fawnby
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Don't do that. Love her enough to not do that to her.
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Reply to JustAnon
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It gets very complicated when you have a house and need care. The house is an exempt asset with Medicaid but a lien can be placed on your half after your passing. That lien will need to be satisfied if goddaughter ever sells. I personally, would not buy a house with someone if I was over Medicare age and my income was just Social Security and maybe a pension. If she defaults on the mortgage, you will be held responsible for paying it. You could end up losing the house and everything you put into it.

I am 76 and own my home. If something happened to my husband, I would sell and get myself an apartment and use the sale of my house to offset the cost of my apartment. A house is a big purchase at anytime. But I fully believe, that when we retire, we no longer should be paying on a mortgage.
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Reply to JoAnn29
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