Posted on: 01st Apr, 2009 03:28 pm
Can I quitclaim deed my house to my children even though the house has a reverse mortgage?...My purpose is to give the children title to the house while I am alive to avoid issues should I pre-decease my husband. There is provision for their ownership and not his in a pre-nup, but I want it to be indisputable.
Is there a better vehicle for transferring ownership to them (although I will continue to be responsible for mortgage, taxes, etc)?
Is there a better vehicle for transferring ownership to them (although I will continue to be responsible for mortgage, taxes, etc)?
Hi ebassine,
Reverse mortgages are allowed on primary property. If you transfer the property to your children through a quitclaim deed, your reverse mortgage will become due immediately. The lender will ask you to pay off the mortgage. So, I don't think it would be a good option for you to transfer the property to your children.
If you want, you draft a will which will help your children to inherit the property after your death.
Thanks
Reverse mortgages are allowed on primary property. If you transfer the property to your children through a quitclaim deed, your reverse mortgage will become due immediately. The lender will ask you to pay off the mortgage. So, I don't think it would be a good option for you to transfer the property to your children.
If you want, you draft a will which will help your children to inherit the property after your death.
Thanks
Hi
Transferring property while there is a reverse mortgage on it will not be possible. The mortgage amount will have to be paid off before you can transfer it to your children. In that case, I think a will, as mentioned by jameshogg is a better option for you.
Transferring property while there is a reverse mortgage on it will not be possible. The mortgage amount will have to be paid off before you can transfer it to your children. In that case, I think a will, as mentioned by jameshogg is a better option for you.
Thank you, everyone, for your help. I'm grateful!!
Hi
You're most welcome.
However, if you have more queries, just feel free to ask.
You're most welcome.
However, if you have more queries, just feel free to ask.