Posted on: 18th Jan, 2010 08:39 am
Can I transfer the deed to my house to my two grandsons age 21 & 20 and let them take over the mortgage payments so I can move into an afordable apartment based on my income (in NJ) I am 63?... I want to move into an apartment which is based on my income. With the housing industry in the state that it is, I will probably not be able to sell my house in the foreseeable future, and haven't any equity in the home at present. I live in a very modest home worth about $120,00 or slightly more with a mortgage of $119,000. I want to deed the house to my two grandsons that are brothers ages 22 & 20. They want to move out on their own and rent an apartment which would cost them the amount of the mortgage payment and other housing expenses.
I would rather let the boys pay the mortgage payments, in that way they would have a start in owning property, Does this sound okay//
I would rather let the boys pay the mortgage payments, in that way they would have a start in owning property, Does this sound okay//
>>i want to deed the house to my two grandsons that are brothers ages 22 & 20.
you can't quit claim it to them because it'll trigger the due-on-sale clause in your mortgage contract. they have to either refinance it, or you can do a land contract with them. lender's don't like land contracts, because it's putting you in the middle of them and party that's actually living in the home, but it's doable (i purchased a home with a land contract several years ago).
research "land contracts" and use a real estate attorney to draw it up if you feel it's the proper solution for your situation.
you can't quit claim it to them because it'll trigger the due-on-sale clause in your mortgage contract. they have to either refinance it, or you can do a land contract with them. lender's don't like land contracts, because it's putting you in the middle of them and party that's actually living in the home, but it's doable (i purchased a home with a land contract several years ago).
research "land contracts" and use a real estate attorney to draw it up if you feel it's the proper solution for your situation.