Posted on: 06th Apr, 2010 08:14 am
Hi, I'm on the title and loan with my parents. I wish to remove my name from both so I can move on with my life. They're both retired with very limited income. and therefore will most likely not qualify for a refi? I will continue to make payments, but do not wish to have my name attached to the loan as it has caused a few bumps for me. Thanks.
Hi roadblock,
A refinance seems to be the best way for you to take your name off the loan. But given the fact that your parents have limited income, a refinance is unlikely to happen. A simple assumption will not work either.
Is there enough equity in the property? How old is your parents? If they are 62 years old or more, they can qualify for a reverse mortgage. There are no strict credit and income requirements for this type of loan. Your parents can use the property as their primary residence. Moreover, they will not be required to make any monthly payments, instead they will receive money from the lender. You can pay off the existing loan with the proceeds from the reverse mortgage and move on with your life.
A refinance seems to be the best way for you to take your name off the loan. But given the fact that your parents have limited income, a refinance is unlikely to happen. A simple assumption will not work either.
Is there enough equity in the property? How old is your parents? If they are 62 years old or more, they can qualify for a reverse mortgage. There are no strict credit and income requirements for this type of loan. Your parents can use the property as their primary residence. Moreover, they will not be required to make any monthly payments, instead they will receive money from the lender. You can pay off the existing loan with the proceeds from the reverse mortgage and move on with your life.
