Posted on: 29th Jul, 2008 01:23 pm
1.If I deed or transfer ownership of my home (purchased 2007 paid cash) to my Aunt who is 64 will she still be able to get reverse mortgage?
2. If my Aunt 64 is added as a co-owner on my home fully paid for will she still be able to do reverse mortgage? I am 40years
2. If my Aunt 64 is added as a co-owner on my home fully paid for will she still be able to do reverse mortgage? I am 40years
Welcome gladysgold,
Your aunt needs to be the principal owner of the property. Only then she'll be able to get a reverse mortgage. Know more on the eligibility criteria from http://www.mortgagefit.com/reverse-eligible.html .
Your aunt needs to be the principal owner of the property. Only then she'll be able to get a reverse mortgage. Know more on the eligibility criteria from http://www.mortgagefit.com/reverse-eligible.html .
This scenario used to be easy and we'd be able to transfer Title into your Aunt's name when the final loan documents were signed, but not anymore. Not since the Investors started flipping houses with Reverse Mortgages.
You can get a Reverse Mortgage if your Aunt lives in your home as her primary residence. She doesn't have to be on Title when you start the loan, but Title will need to be put into her name before the loan package is submitted to Underwriting.
Review the scenario with your Loan Officer first, so that your Loan Officer can ask more speciifc questions and review your scenario with the Lender, to ensure they're okay with the scenario.
You can get a Reverse Mortgage if your Aunt lives in your home as her primary residence. She doesn't have to be on Title when you start the loan, but Title will need to be put into her name before the loan package is submitted to Underwriting.
Review the scenario with your Loan Officer first, so that your Loan Officer can ask more speciifc questions and review your scenario with the Lender, to ensure they're okay with the scenario.
