Legal Question in Real Estate Law in New York

Selling my Mothers house

I have a legal questions that involves my mother. You see she is not well to take care of her home or yard and longer. My father passed away 7 years ago and her health has declined since then. She has found an apartment in the towers. I know her rent is based on her income which is Social Security and two small pensions. She has a buyer for her home but he has to wait to get back to his seasonal job. He wants his Mom to move in and pay my Mom rent of $400.00 a month which will help with her rent. Now when she sells her house she has alittle over $10,000.00 to pay off her credit cards. She is selling the house for $28,000.00 so approximately $18,000.00 will go into the bank. How will this effect her rent as I know it is based on her income and expenses. She spends $125.00 to $150.00 out of pocket that is not covered by insurance for prescriptions. Could you give me an idea of what we should do so she does not get stuck financially. Thank You


Asked on 5/06/05, 4:53 am

1 Answer from Attorneys
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Selling my Mothers house

You and mom might consider "purchasing" a Insurance Company Annuity, which can provide your mom with a specific sum of money each month; or purchasing or investing in another Insurance Company product, in or out of her name, that would provide your mother with assurance of use of the money for income, or specific personal obligation; and,....

Also, you should take note, of what the sum or money amount is, for funeral costs and expenses, that is "exempt from your mom's "income & asset" consideration, in her senior residential quest.

Good luck,

Phroska L. McAlister,ESQ

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Answered on 5/06/05, 5:24 am


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