Posted on: 02nd Sep, 2009 08:50 am
I own a home with my mom. She is a senior and is low income. I do not live with her and have always helped finacially but am unable to now. If I take my name off and put it in "trust" of me she could get a reverse mortgage. What do you think?
THANK YOU for your help!
THANK YOU for your help!
Hi mwpleasehelpme!
Welcome to forums!
Your mother will only be able to get a reverse mortgage if the property is solely in her name. I don't think keeping the property in a living trust will help her in getting the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mother will only be able to get a reverse mortgage if the property is solely in her name. I don't think keeping the property in a living trust will help her in getting the loan.
Feel free to ask if you've further queries.
Sussane