Posted on: 16th Jul, 2012 07:47 am
Good morning. A general question regarding moving in with aging mother with medical issues and adding on to her home. My mom current have a home which is completely paid for with the exception of a home equity line of credit. This HELOC has a GREAT interest rate. She was ill last year and was in the hospital for 5 days then went to an assisted living for a few days to have therapy. She asked me to move in. I am married and have three children, 21, 16 and 11. I told her I would move in BUT she would have to make an addition to her house, either adding up or redoing her basement. She agreed. Now we need to figure out the financing. I want to pay for the addition but I would rather be added to her current HELOC. Is this possible? I could not have her transfer the house into my name so I could get a loan as my credit is shot due to circumstances of my divorce four years ago. I want to be added so that when she does pass, the loan will default to me rather than her Estate.
Is this addition possible and what would I need to do to complete it?
Is this addition possible and what would I need to do to complete it?
You would not be able to be added to the current loan. You would be able to be added to your moms title, via grant deed, with her permission. Contact a local title company and they can assist you.
hi bkliesh!
welcome to forums!
i agree with what chris has said. in order to add your name to the property deed, you will have to refinance the loan. however, adding your name to the property deed is easier. you can contact a real estate attorney who will help you draft the quitclaim deed which your mother can sign and add your name to the property.
feel free to ask if you've further queries.
sussane
welcome to forums!
i agree with what chris has said. in order to add your name to the property deed, you will have to refinance the loan. however, adding your name to the property deed is easier. you can contact a real estate attorney who will help you draft the quitclaim deed which your mother can sign and add your name to the property.
feel free to ask if you've further queries.
sussane
You can be added to the title like the oher posters said but would need to refinance in order to be added to the loan. You could either do a cahsout refinance or do a rehab loan to make the necessary changes.
Thanks everyone for so many replies. If I go on the deed and title, will that prevent the loan going to her Estate? I am looking for the loan to default to me when she passes.
Hi Bridgett!
Welcome to forums!
If the loan and the title is in your name, then I don't think it will go in your mother's asset after her death.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the loan and the title is in your name, then I don't think it will go in your mother's asset after her death.
Feel free to ask if you've further queries.
Sussane
I think you can not take it with your present loan and you have to looking for another option. I suggest you to consult good title and loan adviser.