Mortgage and Pensions

[jabjab]

Getting my mortgage in place and I'm thinking of adding my mother (who lives in the suite below) to be added to the title and mortgage as it will allow me to get a higher HELOC that i will be using for another build project.

She is retired and gets OAS and pension, I'm assuming that being added on title and the mortgage will not effect the amounts she is currently receiving from the government?

[ExtraSlow]

I wouldn't want someone who wasn't contributing capital to have thier name on my home.

[Darell_n]

This quote is hidden because you are ignoring this member. Show Quote

I wouldn't want someone who wasn't contributing capital to have thier name on my home.

Like a wife?

[jabjab]

This quote is hidden because you are ignoring this member. Show Quote

Like a wife?

[max_boost]

This quote is hidden because you are ignoring this member. Show Quote

Like a wife?

Hahaha so good lol

[ercchry]

This quote is hidden because you are ignoring this member. Show Quote

Hahaha so good lol

You’ve probably lost half your equity by now

[Tik-Tok]

Putting the MIL's name on your title means it's open season on a portion of the equity of your house when she passes away.

How much do you trust your MIL's family? You trust them implicitly? Doesn't matter. When death comes to town all bets are off, and people get viscous.

[ExtraSlow]

I wouldn't know, I follow the 'coupe system of marrying rich.

[max_boost]

This quote is hidden because you are ignoring this member. Show Quote

You’ve probably lost half your equity by now

lol as @rage2 said, if that were the case it would take gold digging to a whole new level

[spike98]

This quote is hidden because you are ignoring this member. Show Quote

Putting the MIL's name on your title means it's open season on a portion of the equity of your house when she passes away.

How much do you trust your MIL's family? You trust them implicitly? Doesn't matter. When death comes to town all bets are off, and people get viscous.

Not to mentioned other creditors. Lets say your mom gets a brain tumor and racks up $100k in CC debt in a few months living life before the end. They are coming for "her" equity...

[jabjab]

This quote is hidden because you are ignoring this member. Show Quote

Putting the MIL's name on your title means it's open season on a portion of the equity of your house when she passes away.

How much do you trust your MIL's family? You trust them implicitly? Doesn't matter. When death comes to town all bets are off, and people get viscous.

It is my own mother, not mother in law. I would never put my MIL on title.

- - - Updated - - -

This quote is hidden because you are ignoring this member. Show Quote

Not to mentioned other creditors. Lets say your mom gets a brain tumor and racks up $100k in CC debt in a few months living life before the end. They are coming for "her" equity...

my mother doesn't even own a credit card, never has. She pays cash or debit for everything. We plan to have a agreement in place that puts her at a percentage of "ownership" with the real estate lawyer.

[vengie]

This quote is hidden because you are ignoring this member. Show Quote

Like a wife?

Woof.

[Tik-Tok]

This quote is hidden because you are ignoring this member. Show Quote

It is my own mother, not mother in law. I would never put my MIL on title.

- - - Updated - - -



my mother doesn't even own a credit card, never has. She pays cash or debit for everything. We plan to have a agreement in place that puts her at a percentage of "ownership" with the real estate lawyer.

Same thing still applies. Any equity your mother has will be vulnerable when she passes. Doesn't matter what agreements she has. Doesn't matter what's in the will. It can all be challenged in court.

I'm saying this as someone with family in the death industry. People are fucking animals when it comes to the deceased's estate.

[jabjab]

This quote is hidden because you are ignoring this member. Show Quote

Same thing still applies. Any equity your mother has will be vulnerable when she passes. Doesn't matter what agreements she has. Doesn't matter what's in the will. It can all be challenged in court.

I'm saying this as someone with family in the death industry. People are fucking animals when it comes to the deceased's estate.

When you say available are you referring to a wife/partner having access to that once she passes? I had thought inheritance is not touchable. I don't have any siblings anymore or a father so really I won't be fighting for anything with anyone whom is a direct family member.

[pheoxs]

One thing to also consider that may be a benefit is if she's on the title then it's a 50/50 asset and would be her primary residence so no tax on her portion of any gains. You could then elect your other property to be your primary residence which would reduce your capital gains down the road. You'd only owe half of your current properties gains instead of all of the gains of one of them.

[Tik-Tok]

This quote is hidden because you are ignoring this member. Show Quote

When you say available are you referring to a wife/partner having access to that once she passes? I had thought inheritance is not touchable. I don't have any siblings anymore or a father so really I won't be fighting for anything with anyone whom is a direct family member.

Any family. Inheritance is definitely not untouchable, by people or creditors. I'm not saying don't do it, but there is risk involved.

[Xtrema]

This quote is hidden because you are ignoring this member. Show Quote

Getting my mortgage in place and I'm thinking of adding my mother (who lives in the suite below) to be added to the title and mortgage as it will allow me to get a higher HELOC that i will be using for another build project.

She is retired and gets OAS and pension, I'm assuming that being added on title and the mortgage will not effect the amounts she is currently receiving from the government?

How do you get more HELOC unless she give you a bunch of money to increase the equity? HELOC is not determined by how many people is on the title.

And if she can give you a bunch of $ for equity, why put it toward the house so you can borrow from the bank? I'll just borrow from her.

I assume you are single or have a very understanding partner? What's her take on this?

[jabjab]

This quote is hidden because you are ignoring this member. Show Quote

How do you get more HELOC unless she give you a bunch of money to increase the equity? HELOC is not determined by how many people is on the title.

And if she can give you a bunch of $ for equity, why put it toward the house so you can borrow from the bank? I'll just borrow from her.

I assume you are single or have a very understanding partner? What's her take on this?

They will count her pension as income in addition to mine. She doesn't really have any investments besides her RRSP adn they aren't much .