Scenario: I help to pay a mortgage (example: mortgage amount is 100k, I pay 75k toward the principle) but I am not on the mortgage note, nor am I on the deed. When the homeowner is deceased, the home will go to the children. Am I able to claim an interest in the house based on the payment I made? This is considered a gift, not a loan. There are no stipulations. Reason for the question:
My mom is deceased, her family wants the home. Dad doesn't want this to happen, he has made a will for the children to take possession. Mom's family has resources (legal, financial, etc.) Mom's family has no investment in the house. Concern: If mom's family makes a payment or tries to pay off the mortgage after dad is deceased, do they have an interest in the home? We don't want any loopholes that will allow them interest or possession in ANY respect. Is the mortgage company likely or obligated to take a "gift"?
Answer
The key wording in your scenario is "this is considered a gift, not a loan". With those words there is no expectation of repayment and therefore no discernible interest in the property.
Before you make this payment I suggest that you speak with an attorney who can properly advise you and prepare necessary documents to effect this transaction.
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