Posted on: 26th Feb, 2010 05:12 am
my aunt is 90 and she quit claimed her home to me 5 years ago in michigan.
1. i haven't had the quit claim recorded yet, and she needs to get some money out of the equity in the home, and i'm not sure if it is better for her to get a home equity loan now, or wait for me to get the quit claim recorded, and then i get the home equity loan so she can have some money.
2. also, when should you normally get a quit claim deed recorded?
3. once i get it recorded, what do i do next to home equity loan on the property, if my aunt is still living there?
4. i know about reverse mortgages and may end up doing that,,,but would you respond to the other 3 questions too?
lynnie
1. i haven't had the quit claim recorded yet, and she needs to get some money out of the equity in the home, and i'm not sure if it is better for her to get a home equity loan now, or wait for me to get the quit claim recorded, and then i get the home equity loan so she can have some money.
2. also, when should you normally get a quit claim deed recorded?
3. once i get it recorded, what do i do next to home equity loan on the property, if my aunt is still living there?
4. i know about reverse mortgages and may end up doing that,,,but would you respond to the other 3 questions too?
lynnie
Hi lynnie!
Welcome to forums!
You should have recorded the quit claim deed when it was signed and given to you. I doubt whether or not the deed will be considered as valid now. Have a word with your real estate attorney in this regard and try to file the deed. Once you record the deed, the property transfer would be complete and you would own the property. You can then take a loan in order to help your aunt. While you take out a loan, your credit score, income, etc. would be considered by the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should have recorded the quit claim deed when it was signed and given to you. I doubt whether or not the deed will be considered as valid now. Have a word with your real estate attorney in this regard and try to file the deed. Once you record the deed, the property transfer would be complete and you would own the property. You can then take a loan in order to help your aunt. While you take out a loan, your credit score, income, etc. would be considered by the lender.
Feel free to ask if you've further queries.
Sussane