Help w Mom's housing

[pb4uski]

Does OP have enough of a backyard to stick a "grandma unit" back there?

Dunno... asked in post#3... OP never responded.... presumably not.

 

[AJ520]

Another question is will you enjoy having a rental property in a different state? You can always hire someone but thy adds to the cost. If not, renting is good for your mom but someone has to pay the bills...

 

[Bamaman]

Californians move to Texas. Texans want to stay in Texas.
My father at age 85 said that every year past 80 gets more and more difficult to live through.
It's great that Mom is doing so well at her age, but like was said they could be one fall from their health dropping like a rock. And it's more likely her health might go south in the near future--from just sheer age. Life is just that way.
It's so important that parents in late retirement maintain their own independence as long as possible.
My sister took charge of my parents' lives and healthcare when it got too dangerous for them to live on their own. Coordinating doctors appointments, supervising domestic help and making hard medical decisions while watching over them sucked the life out of my sister. And at 72 years old, my sister's simply not the same person she was prior to caring for my parents.
In Texas, you should be able to find an assisted living home where your mother could rent an apartment and have some/all of her meals provided for a reasonable price. I bet many of her current friends are already in such a place in her community. And that way she wouldn't have to intrude on your brother that obviously is busy leading his own life. Here, nice assisted living including meals are around $2K per month.

 

[TOTO]

But the did have a wonderful program about family members buying homes for family members; we qualified for a 0.25 point reduction in mortgage rate and another 0.25 point reduction if put on auto pay with an auto deposit checking account. Worked out fantastic for us and her.

THAT's IT!!! That's what I'm looking for. I'll have to see if I can find a mortgage company that would offer that.

A question along that line is/are tax deductions... do you get any due to converting over to a rental?

 

[TOTO]

Thanks for all the replies... certainly has been food for thought.
1. Assisted Living in her area costs $4,600/month, so that's out.
2. I don't want her to have to pay more than she pays brother now so us buying allows her to just pay what she feels comfortable doing.
3. The gated Community that brother lives in doesn't allow even a tool shed in the backyard. The townhouse we would buy would be 5 blocks from brothers house.
4. As retired persons, I'm trying to convince my DH to invest in property for extra income. We have well over $600k equity in our current home and I'd like to use the equity instead of sitting on the money. Where we live will most likely never lose much value, although from June to July zillow brought the value down to high 800's but it is back in high 900's now. Once it was $1,025,000...California is crazy!
5. The Gated Community is a high end place. The town has the greatest growth north of Houston, so I feel the property will continue to appreciate... not like our house has here in California.
6. Mom now says she is happy where she is so for right now, we may just look at the townhouse as investment.
7. Yes we are aware of maintenance, insurance, major repairs and such and are not too worried. I may regret that statement someday.

Just trying to solve all the problems in the world the best way I can!