Legal Question in Real Estate Law in New Jersey

Hi,
My mom owns a home in NJ and I am refinancing it. I am doing a cash out refinancing to use the cash to pay off my student debt. I am definitely doing this so please do not respond just to advise me against it. Already decided. But I do have several questions listed below:
1. I am going to pay the entire mortgage so I want to deduct the interest on my taxes. Do I need to be added to the deed, the mortage, or both? The mortgage service is saying I just need to be on the loan.
2. My irresponsible adult brother lives with mom. Her Will says we get everything 50/50. What's the easiest way to change this so that upon her death we get 50/50 only AFTER deducting the mortgage total I assumed today (the only reason why she has the mortage was to pay for a lawyer when my brother had serious legal trouble). Can this be a simple addendum clause to the will?
3. What about 5 yr medicaid lookback? Should I get the house out of mom's name now while she's still healthy? I'm not sure who that works but I just read about a ladybird deed and was wondering if this exists in NJ?
4. I was wondering what I miss out on if I get my name on the deed- in terms of first homebuyer credits? I'm thinking I make too much money already that such credits won't apply to me (>$100K a year.) Can someone let me know if this is correct?
Of course I will consult a legal advisor in NJ but would love some free advice to get me started. Thanks!

Asked on 11/05/09, 2:43 pm

Savyon Grant Law Office of Savy Grant

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If the refi is in your name you must be on the deed. If your mom comes off 100 % you qualify for credit because you are a first time buyer.

Answered on 11/11/09, 9:40 pm

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