Posted on: 26th Dec, 2009 05:59 pm
i am trying to sell my house that i own outright no mortgage. i lost my job and have decided to move out of state with my partner. he suggested a home equity loan thru his bank since his credit is far better than mine to get the home ready to sell. this also helps with proof for health insurance benefits of cohabitation and our committed relationship. do you think this is the best way to get the money and how to i protect my interests as well as make sure that the loan is paid off when i do sell the home. what documents are needed in order to put him on the property deed? would it be better if i created a living trust that included the property instead?
Getting a home equity loan is a good option provided your partner is a cosigner for the loan. However, though your partner's credit score would be considered, the lender will look into your income as well. As you do not have a job, it will be difficult for you to qualify for a loan.
If you want to add your partner to the property deed, then you will have to sign a quit claim deed wherein both you and your partners would be grantees to the property. Creating a living trust and including the property would be a good option in this case.
If you want to add your partner to the property deed, then you will have to sign a quit claim deed wherein both you and your partners would be grantees to the property. Creating a living trust and including the property would be a good option in this case.