Question about co-op boards

Of course, it varies greatly depending on the disposition of the coop board. But if you're talking about prime Manhattan locations, I think it's fair to say the answer is 'yes,' even if she goes all cash.

It might be better if you bought the place (assuming reasonable credit rating and liquid assets) and let her live there, paying you 'rent.'

Agreed. Each coop board is different and financial standards vary. Some like to see a greater proportion of steady income, some prefer a larger share of liquid assets, but it also depends on the 'whole package'. If you mom won't have a mortgage and already has little debt, and can demonstrate she can cover the maintenance payments without a hitch she should be ok with many boards.

You may not have to step in and buy the place, instead may act as a guarantor for your mom. Many buildings allow this. Also, if the coop board likes her but has reservations about her financial status they may approve her conditional upon placing a certain amout of maintenance in escrow for a year; this is common.

It might be a good idea to work with a broker who is experienced with coops and can steer you towards the right buildings. good luck!

Since Mom is cashing out of her current residence, I'd advise talking to a financial planner. Is paying all cash the best decision or might keeping liquid assets & having a mortgage be a better decision?

Great advice drdrd #4 turn over an elderly woman in her 70's to a financial planner who likes to make commissions by churning and burning other people's money.

OP, don't pay attention to ChumpSpotter.

I think it's a good idea for anyone who is retired and has assets - and children - to seek advice from an estate-planning perspective. I realize your question concerns purchasing RE but this may also be a good oppty for you and your mom to discuss long term care in the event that she may need it in the next 20 years or so, esp if your mom has limited income.