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Buying a home with my mom
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Sorry for the long post in advance:

My wife and I love a house we found. We want to move out of the one we are in with our two kids but were worried about the scrounging up the capital and the hit we would take via interest. My mom has been trying to find a house herself that she could move into close to us and the grandbabies and has made the offer to buy the new home outright but live in the house we want to move out of. She loves our home and mentions how she would love to find one just like ours. So...here would be the situation in a perfect world. Mom and I buy the new home. The wife, the kids, and I move in. Mom moves into our old home. We continue paying the mortgage and let her live there rent free since she is buying the new home cash. The mortgage we have on the home we're in now is great so we love the idea. For context, we have a great relationship and trust each other completely with regards to the finances. My wife is on board and we are totally stoked if this works out. Herein lies my question(s):

How do we make sure we are covered in regards to:

-Homestead exemptions (we are in texas), mom is over 65 so we would like to take advantage of that for the new home

-Insurance

-Would we run into any issues getting our utilities and driver's licenses switched over to the proper addresses even though I am paying for a house I no longer live in and mom signed for the other home?

-What about voter registration?

-Is there anything else I may not be thinking of? I'm not sure.

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1 month ago