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Last April, I posted to another board here about my dad's death.

Well, time has flown, and my mom and I have started making progress on getting on with our lives.

I have recently purchased a new condo, and we have a contract to purchase one for Mom in the same complex.

We are going to buy Mom's condo before selling her current house. The goal is to get her moved out, fix up a few things, and put it on the market. Once we sell her current house, we will pay off the mortgage on her new condo. We currently have the funds to fully pay off the mortgage on her current house and put 20% down on the condo.

Mom will turn 60 in July. She is presently only receiving a tax-free survivor's benefit monthly payment from the Federal government, who was my dad's employer. We are (hopefully) close to receiving a determination on the SSA disability benefits claim we submitted last June, but for now, we cannot count on that coming through as income.

She cannot get approved on the mortgage with just the survivor's benefit coming in monthly. Because I will not be living in the unit myself, it doesn't matter if I am a coborrower on the loan or not, and my employment and income are not taken into consideration.

The lender I am working with has told me that we could get Mom approved by herself if we secure monthly income of $833 for her, which we could do through IRA distributions. We do not, however, need this money to make the payments each month until we sell her house, so we would only want to do this in order to be approved and close on the condo loan. We would want to stop the distributions as soon as possible. I do not yet know if her IRA allows distributions to be changed more than once a year or not.

The other option is for me to buy her condo as an investment property. However, the interest rates are higher and I am concerned about capital gains taxes in the future as I will not be using that as my primary residence.

We plan to title the condo in both and my mom's name and mine, so once it is paid off (after we sell her house), does it matter that only I was on the loan?

I plan to speak to a CPA about all this but was hoping you guys could help me at least think about the situation in a coherent enough way that I will make sense to a CPA and have the right issues in mind.

Thanks for any insight or feedback you can provide!
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