Posted on: 17th Oct, 2008 12:59 am
my parents and i bought a duplex in 95 with rights to suvivorship. 2 years ago i was able to get the mortgage loan in my name. they are still on the mortgage and deed. however the loan is totally in my name. we have been talking about doing a quit claim deed to get them off the property so they will be able to receive more benefits as seniors. with the ecomony being the way it is if something happens to me i do not want them to have to be responsible for the property and the bank would probably just take it back. is this a good idea and how do we go about doing it. we live in florida.
thanks
thanks
Hi birdwalk!
You can ask your parents to quitclaim the property in your name. This will make you the sole owner of the property and also the mortgage. They may include a life estate which will help them to stay in the house until death. Moreover they will also receive the benefits as seniors.
Thanks.
You can ask your parents to quitclaim the property in your name. This will make you the sole owner of the property and also the mortgage. They may include a life estate which will help them to stay in the house until death. Moreover they will also receive the benefits as seniors.
Thanks.