Reverse mortgage?
anna1 asked:
Is it legal to take my name off the title of our home so my husband will be the only one listed and therefore qualify for reverse mortgage?
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Is it legal to take my name off the title of our home so my husband will be the only one listed and therefore qualify for reverse mortgage?
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September 18th, 2009 at 12:09 pm
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It depends on your state. speak to an attorney about title questions. Loan officers and brokers can’t comment legally on title issues only an attorney can help.
do you understand how a reverse mortgage works? Find out. Usually a reverse mortgage is used with retirees. The banks agrees to pay you to live in your home until deathand then they take your home once you pass.
If you plan on outliving your husband you might ask him why he wants to sell your house from under you????
Speak to an attorney and your husband over his reasoning. A HELOC or second mortgage may give you the money you seek without risking loss of your home upon your husbands death.
September 20th, 2009 at 5:44 am
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Yes, it is legal to remove your name from the title to your home. But be aware that there are other legal ramifications to this change, in particular if your husband should die or become incapaciated or if you should later decide to divorce. It would probably be in your best interest to discuss the matter with an actual attorney to see if it would be the best decision for you and the best ways to protect yourself legally in the event of future unfortunate circumstances.
September 21st, 2009 at 6:54 pm
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I won’t agree or disagree with the answers listed above. I just came to say you gave a terrific answer for the “Emperor” from which I just came. He thought you were preaching at him. Maybe you were. You are black, I am white. But we’re both God’s Children. God Bless You for your answer. It blessed me.