Posted on: 09th Jul, 2011 08:31 pm
first, this site is great. thank you for taking the time to review my situation. any help will be greatly appreciated.
my father has a loan with boa. he is ill and my parents are having a hard time keeping up with the payments. they want me to take over the loan and i am able. i am already helping them with the payments. he also has a will that has me as the recipient of the home.
questions:
1. which is better? simple or qualified loan assumption. i would like to have the tax benefit of deducting the interest payments from my income tax while paying the mortgage. eventually, i will ultimately sell the home as well.
2. is the loan assumption process the only thing to do? that is, does the title have to be changed by another party? i've read about the quit claim deed. does this need to be done? i assume boa would still have the title since the mortgage is not paid off yet.
3. my father also took out a home equity loan through another bank. how can this be changed to my name?
4. recommendations to a good mortgage/legal source in georgia?
thank you again.
my father has a loan with boa. he is ill and my parents are having a hard time keeping up with the payments. they want me to take over the loan and i am able. i am already helping them with the payments. he also has a will that has me as the recipient of the home.
questions:
1. which is better? simple or qualified loan assumption. i would like to have the tax benefit of deducting the interest payments from my income tax while paying the mortgage. eventually, i will ultimately sell the home as well.
2. is the loan assumption process the only thing to do? that is, does the title have to be changed by another party? i've read about the quit claim deed. does this need to be done? i assume boa would still have the title since the mortgage is not paid off yet.
3. my father also took out a home equity loan through another bank. how can this be changed to my name?
4. recommendations to a good mortgage/legal source in georgia?
thank you again.
here's something you'll want to consider too ... a reverse mortgage would enable them to eliminate the monthly mortgage payments, and title remains in their names 100%. when they pass, title will be transferred to you, and then you'll be able to refinance the reverse mortgage with a traditional forward mortgage, into your name.
And let me add this, please: if you choose to consider Raymond's suggestion seriously, I'd like to suggest that you consider his services in providing such a Reverse mortgage.
His involvement here on the Forum has been exemplary, with tidbits and bon mots that have been beneficial to many of us. It's clear this man knows his stuff.
His involvement here on the Forum has been exemplary, with tidbits and bon mots that have been beneficial to many of us. It's clear this man knows his stuff.
Thank you, George. That's an awesome compliment.