My grandparents raised me and are just about like my dad and mom. My grandfather handed away all of the sudden in October on the age of 69. Since then, I’ve been residing with my grandmother to maintain her firm and assist in any approach I can. The mortgage on her home was paid off final yr, so property taxes are the one ongoing funds.
Just lately, my grandmother instructed me that she plans to switch the home into my title early subsequent yr. She stated it might assist construct my credit score, and he or she doesn’t want credit score a lot anymore. She’s retired, disabled, and residing on social safety. She additionally has substantial financial savings and investments to help herself.
I’m 26, have by no means owned a house, and work a blue-collar job incomes $55k a yr. My credit score isn’t nice, but it surely’s not horrible both (mid-600s final time I checked—I made a couple of errors after I was youthful). The thought of getting the house in my title feels intimidating, and I don’t know a lot about managing one thing like this.
Is that this even a good suggestion, or would it not be higher for her to maintain the home in her title for now? What analysis ought to I do if she does determine to switch it? Are there any books or movies that would assist me higher put together for this duty?
Any enter can be appreciated. I’m extraordinarily grateful my grandmother needs to do that, however I simply need whats greatest for us each.
The home is estimated at $320,000 now if that’s related for the query.
