My mother wants to retire soon, even though money will be very tight for her. She does not have an immense amount of assets, her TRS pension and a smal 403b. I don't make a lot, truthfully barely scraping by as is. When she retires I will get a yearly pension of about 16000$ for the rest of my life.

We're at a point right now that we need about 15k in repairs, and are exploring ways to pay for that( the house is in horrible shape to boot). She also was forced to take an SBA loan after Hurricane Harvey.

I will likely not have the capital to pay off the SBA loan and her other debts on her passing. My concern is what will happen to those debts... is the sba loan something I would be able to take over or otherwise assume? I'm really not familiar with the probate or estate process at all... apologies.

I do not want to lose the house if it is still tenable, but I don't exactly see a way forward, especially if we have to take the HELOC loan out. If I can make payments, or otherwise figure it out, I might be able to make it work.

I'm hoping this is many years off, but I've been having a lot of anxiety about the situation, I don't like the future being so uncertain

Do you live with your mother?

What is preventing you from earning more money?

What would your mother do if you didn't help her?

I'm not trying to be an ass, just honest questions. Bottom line, you need to be financially independent. You can't help her until then. It's her house, not yours. It's her loan, not yours.


Take control and the anxiety will fade.

I'm sorry to hear you're going through a tough time, but I might have some good news for you…

I get involved with a lot of SBA loans on the lenders side.

Borrowers of SBA loans in TX frequently ask me, if they must pledge their house as collateral. The answer is no.

Under Texas law, you can't use your personal home as collateral for an SBA loan. The bank shouldn't have an existing lien on her house in relation to the SBA loan.

Here's an article that does a good job of explaining this….

https://keycommercialcapital.com/sba-loans-in-texas-the-homestead-state/amp/

Even if cash is tight, speaking with an attorney about getting your name on the title and how a homestead exemption may protect you is likely money well spent.

There is a homestead exemption, we where just concerned that once it becomes part of the estate, they will go after it to settle the estates balances. So I would have to come up with it as part of the probate of the estate

Yes I do

Long story, made a poor decision and took a job that doesn't pay great, but wasn't terrible. Stayed living with mom and grandmother to try and help out with their living situation and mine.

I dont know what to even try to do to make a career change. I'm going to try and finish my history/anthro degree in the spring finally, and I've got a ton of experience in a very high stress role, but I don't know of a field to even look at anymore, especially until that degree is finished.

Ag_of_08 said:

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When she retires I will get a yearly pension of about 16000$ for the rest of my life.

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Have she considered making herself the sole beneficiary of her retirement in order to maximize her current income? It seems she's forgoing current income to compensate for your choices.