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Updated over 5 years ago,
Social Security and selling home
So I have a disabled family member that lives in a house my Grandfather put in his will that the house cannot be sold as long as she is alive. She is mentally challenged and recently has been having seizures more frequently. My mother and my aunt have began speaking to me about buying the house, but I am concerned about the whole thing. They are current on payments, but there is an equity loan of roughly 48k, and they haven't had an appraisal. I am concerned that if I offer to purchase the property (and go through with it) that SS will come back and reclaim the remaining money I purchased the house for (somewhere in the neighborhood of 30k after the equity line is cleared) Does anybody have any experience in an ordeal like this? The house needs a ton of cosmetic work, but should rent at around 1200 or so after repairs, or sell for a profit of somewhere in the 25k-30k range. The money is required to go into a trust to fund my aunt(the disabled one) and her living expenses until death, or until the money runs out. She really needs to go into an assisted living situation, but again, we are concerned SS will take the money they net from selling the house.