Have you ever thought about gifting a home to your mom? OH, the look on your mother's face when she finds out!! There are few things to consider before you spill the beans though...
1) Has she been looking for a home, but requires a co-signer? Offer to help! Since your name will be on the loan too, it will help your credit score. Its a win-win!
2) Has she already been approved for a loan and offered a bid on her new dream home? Surprise her by assisting with the down-payment. The IRS could consider this a monetary gift and tax her on it. So, make sure you speak with your accountant or lawyer about this first.
3) Completely and utterly surprise her by purchasing her a home outright! If you are able to, try to avoid a "regular mortgage", as the bank could view this as an investment property and the interest rates might be higher. Use your current assets as leverage, pay the mortgage yourself, and either rent the property to your mother, or let her live there for free!
For more information on buying and selling property, call or text:
Fauna @ 641-751-2748
Kelli @ 641-751-8284