For couples who aren’t married but plan to buy property together, choosing how to title that home can be a big decision. On a recent episode of the “Women & Money” podcast, Suze Orman shared important insights for unmarried partners buying property — especially when one person is contributing more financially than the other.
Her advice came in response to a listener named Zoe, who wrote in with concerns about her future security.
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Zoe and her partner have been together for 20 years and are purchasing their first home — a co-op apartment in New York. Zoe is switching careers to become an artist and won’t be contributing to the mortgage payments, while her partner who earns significantly more is putting down most of the down payment and will cover the mortgage.
They plan to title the home as joint tenancy with right of survivorship, which means if one of them passes away, the other automatically inherits the property. While this setup sounds secure, Orman raised a crucial point.
Orman confirmed that if Zoe’s partner dies, joint tenancy would give Zoe full ownership of the property. The issue, however, isn’t about legal ownership — it’s about financial reality. Since Zoe won’t be able to afford the mortgage on her own, she risks losing the home even if she inherits it.
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Orman’s solution? Consider buying a 20-year level term life insurance policy on Zoe’s partner. That way, if something happens to him, the policy could provide enough funds to pay off the mortgage and allow Zoe to stay in the home.
Why 20 years and not 30? Orman explained that in 20 years, the home might already be paid off — or more affordable — especially if they make extra payments along the way.
While many people think about death as the worst-case scenario, Orman pointed out a situation that could be even more financially disruptive: incapacity.
“What if, all of a sudden, now he’s in an accident, he is incapacitated? He doesn’t recognize you. He can’t work anymore,” she said. If the couple wants or needs to sell the property at that point, they might run into a major legal roadblock.
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