Posted on: 21st Mar, 2009 06:54 pm
I no longer have any income. I am living with my signifficant other. My daughter and her fiancee offered to pay off my mortgage. Is it adviseable to take them up on their offer? They offered me unconditional stay in the home in case I needed to. I also have one other daughter that will not get anything out of that transaction. What are my options?
Hi Joanna,
I think this is advisable to sign over the title to your daughter and her fiancee as they are willing to take over the mortgage. You can sign a quitclaim deed to them while retaining a life estate for yourself which will enable you to stay on the property during your life time. You can ask them to get the mortgage refinanced in their name which will take you off the loan.
I think this is advisable to sign over the title to your daughter and her fiancee as they are willing to take over the mortgage. You can sign a quitclaim deed to them while retaining a life estate for yourself which will enable you to stay on the property during your life time. You can ask them to get the mortgage refinanced in their name which will take you off the loan.