Posted on: 18th Sep, 2010 08:16 am
I own a home that my mother lives in. The home was purchased in my name as mothers creidt was questionable. Mother has made all payments on the home (it really is hers). She is trying to get a reverse mortgage and the finance company is asking me to file a quitclaim deed so that they may process a reverse mortgage in my mothers name. Is this what needs to be done?
Hi rwillis
Welcome to mortgagefit,
Surely you need to get it done because by law, the person who wish to seek a mortgage/loan on the property should own the property and as of date your mother's name is not on the deed and thus she need to be added as a primary equity holder of the home or you can quitclaim the whole equity of the home to her so that reverse mortgage process can be completed within stipulated time.
Feel free to ask any further query.
DIPA
Welcome to mortgagefit,
Surely you need to get it done because by law, the person who wish to seek a mortgage/loan on the property should own the property and as of date your mother's name is not on the deed and thus she need to be added as a primary equity holder of the home or you can quitclaim the whole equity of the home to her so that reverse mortgage process can be completed within stipulated time.
Feel free to ask any further query.
DIPA