My uncle (unrelated) is over 80 years old. He is a widower and doesn't have any kids. he stays alone in his bunglow with couple of maids taking care of his daily needs. He is not keeping well and requires regular medical treatment. He wanted to reverse mortgage his house so that he may get an assured sum to take care of his medical bills and other living expenses. However the deal never came through with the bank. While discussing his situation one option that came up was that if I can give him the same deal then he will transfer the property to me.
The terms will be a lump sum amount in the beginning and then a monthly EMI or promissory notes (IOUs) for 20 years or till his death whichever occurs earlier. Though the property will get transferred to me immediately, he will have the right to stay in the same till his death.
Is this possible and if yes, what needs to be done. Can we have separate agreement for transfer of property and separate agreement for the monetary transaction?
He also wants to make me the executor of his will which he will make once we get this problem sorted out. What does that entail as a responsibility?
