Posted on: 20th Apr, 2010 11:57 am
My mother bought me a house with proceeds from a 2nd mortgage on her home. Mine is the only name on the deed. Now, she wants to get mortgage on this home. Is there any way for her to do this without my name on the mortgage? Would I need to add her name to the deed?
Hi Guest,
Your mother can take out a mortgage in her name provided her name is mentioned on the property deed. Her name should be added on the property deed in order to get a loan.
Take care.
Your mother can take out a mortgage in her name provided her name is mentioned on the property deed. Her name should be added on the property deed in order to get a loan.
Take care.
Actually, your mother has no specific right to borrow using your home as the collateral. You may, however, allow her to be a borrower, but you would need to be a coborrower along with her, due to the home being yours alone. If that's acceptable to you, and the two of you would qualify for such a loan with your local lender, then go ahead and do it.