My mother passed away July 17th and I was appointed executor of her estate as per her will. After my father died 7 years ago, her health began to decline. I’ve lived with her and took up the caregiver role for 3 years or so, just prior to COVID. Being a full-time job, I have not been employed in any official capacity in that period. We own our home, which the loan is in her name (VA Home loan). Her will states that my brother and I split the proceeds 50/50 if we decide to sell. My brother has indicated to me that he would be on-board with whatever I decide to do with the home, which brings me to my questions;
I am in no position credit wise or financially stable enough to get a mortgage of my own on the house. I do qualify for a VA home loan as I am a Veteran. Honestly, I am unsure of my options concerning the mortgage at all. What are my options aside from selling the home? My brother and I discussed renting the house out or converting it into an AirBnB property (high tourism market) both of which he would be on-board with, if either are viable options.
Her life insurance policy names me and my brother as beneficiaries, of equal amount, though it isn’t a huge amount. The payout being around $12k each, would this help me in obtaining a mortgage in my name? The current mortgage is $207,000 and the estimated market value of the home is ~$340,00 - $380,000.
With all the info given, what are my options and what direction would you guys recommend for me to take full advantage of the situation financially?
Submitted August 21, 2022 at 01:41AM by WillJ13Fox https://ift.tt/K7HFhM3
