Posted on: 23rd Jan, 2006 07:15 am
In 2000 my inlaws took out a second morgage and bought a house for my family. The agreement was I would pay the second morgage, any taxes on the home and all other expences. When it came time for my wife and I to buy the house we would buy it for the remained on the second morgage they took out on there house. Now I want to buy the house that was bought with the second morgage from them. The deed is owned by the inlaw free and clear. Is a Quit Claim to tranfer the property over to us, so my wife and I can take out a morgage, a good way to handle this situation? My credit union said they will grant me a second morgage if the property was in our names.
Hi docriggle!
Welcome to forums!
Your mother can take out a reverse mortgage on the property which will not only help her in paying off the balance loan but will also help her in improving the property. However, if she transfers the property to you, then she might be ineligible for Medicaid benefits for the next 5 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mother can take out a reverse mortgage on the property which will not only help her in paying off the balance loan but will also help her in improving the property. However, if she transfers the property to you, then she might be ineligible for Medicaid benefits for the next 5 years.
Feel free to ask if you've further queries.
Sussane
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