Posted on: 10th Feb, 2009 08:26 am
I bought a house under my name last year (2008), my kids pay the mortgage and I'm concerned if something were to happen to me how they'd be able to afford refinancing since they own another home which is currently being rented below the amt of thier mortgage. I would like to know if there is a way I can transfer the home/mortg to thier names so they can get the credit and not run into any problems in the future... (w/o having to pay anything up front).
Hi Bjmat,
That's a very wise decision, I must say. Transferring the house to your kids would no doubt be a good option to ensure your kids don't run into any problem in the future. A quitclaim deed in this regard is very useful. Using this you can transfer your share in the property, either in whole or in part, to your kids without any hassle. To know more about quitclaim, how to go about it, its advantages etc., you can visit the following page. I'm sure you will find it very helpful.
http://www.mortgagefit.com/quitclaim-deed.html
That's a very wise decision, I must say. Transferring the house to your kids would no doubt be a good option to ensure your kids don't run into any problem in the future. A quitclaim deed in this regard is very useful. Using this you can transfer your share in the property, either in whole or in part, to your kids without any hassle. To know more about quitclaim, how to go about it, its advantages etc., you can visit the following page. I'm sure you will find it very helpful.
http://www.mortgagefit.com/quitclaim-deed.html