Ask Terry Questions HOME TRANSFER


By Terry Savage on April 29, 2024 | Housing / Real Estate

I’m 82 yr old widower. Good health. I’d Like to sell my single home to my son for one dollar and still live in the same house.
Or think about a reverse mortgage?
I would like to hear the pros and cons, plus your opinion.
Thank you.

Terry Says

No, no, no!!   This is not the way to plan.  Unless you have more than $250,000 in gains on a house there is no tax on the sale.  But it still leaves your money tied up in the house.

What  are you really trying to do here?  Get more income, get out of the house, make sure your son gets the house after your death, make sure you have cash to cover medical expenses if they come??

Please write back to the email you receive saying “your question has been answered — and explain exactly when you need, so I can give y ou some realistic advice.




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