Posted on: 01st Jun, 2010 02:02 pm
My dad lives in my house in Geargia and he pays the mortgage. Can I quit claim it to him so he can aply for reverse mortgage ?
Hi james,
You can definitely sign a quit claim deed and transfer the property to your father. He has to be 62 years old in order to get a reverse mortgage. After your father takes out the reverse mortgage, the present mortgage on the property needs to be paid off.
Thanks
You can definitely sign a quit claim deed and transfer the property to your father. He has to be 62 years old in order to get a reverse mortgage. After your father takes out the reverse mortgage, the present mortgage on the property needs to be paid off.
Thanks
Hi,
James is correct. You can sign a quitclaim and transfer the property to your father. Reverse mortgage is basically for the seniors and the minimum age requirement is 62 years. There are no minimum income or credit requirements but the person applying for a reverse mortgage needs to qualify for it. There are certain qualifying factors. Consult with a good attorney to know the qualifying factors before taking any step.
James is correct. You can sign a quitclaim and transfer the property to your father. Reverse mortgage is basically for the seniors and the minimum age requirement is 62 years. There are no minimum income or credit requirements but the person applying for a reverse mortgage needs to qualify for it. There are certain qualifying factors. Consult with a good attorney to know the qualifying factors before taking any step.