Posted on: 16th May, 2011 01:41 am
Both of my parents are terminally ill, and currently own a home worth about 174K; they currently owe 114K on it. They wish to transfer the home to me. I have power of attorney over both of them. Should they quit claim the home to me prior to their deaths, or put it in a living trust where I am the inheritor/trustee? Which option would be best. Either way, would I have to qualify to keep the loan, or can I pay off their existing loan (it is an assumable loan)?
Hi Guest,
Your parents can sign a quitclaim deed and transfer the property to you. This will make you the sole owner of the property. Once the property is transferred to you, the lender will want you to refinance the mortgage in your name.
Take care.
Your parents can sign a quitclaim deed and transfer the property to you. This will make you the sole owner of the property. Once the property is transferred to you, the lender will want you to refinance the mortgage in your name.
Take care.