Posted on: 29th Jul, 2008 04:02 pm
I paid cash for my home a year ago i'm 40 I would like for my aunt 64yrs to take over the house will she be able to get a reverse mortgage and what type of transfer will we do to get the home in her name.
Hi Gladys,
To get the home into your aunt's name you would need to quit claim it to her so that she would be on the deed. Be sure to check with your mortgage broker regarding seasoning issues before you do so. Different loans require diff seasoning requirements, meaning that the person has to be on title for a certain amount of time before they will allow the loan.
I have never done a reverse mortgage, but I know Countrywide does a lot of them...any CW folk on here?
Kim
To get the home into your aunt's name you would need to quit claim it to her so that she would be on the deed. Be sure to check with your mortgage broker regarding seasoning issues before you do so. Different loans require diff seasoning requirements, meaning that the person has to be on title for a certain amount of time before they will allow the loan.
I have never done a reverse mortgage, but I know Countrywide does a lot of them...any CW folk on here?
Kim
Gladys:
Kim is correct...however the seasoning requirement for reverses is typically only one year. I specialize only in reverse mortgages and would be happy to further discuss the various options.
Regards-
Ken Klawans, CSA
Certified Senior Advisor
Certified Reverse Mortgage Specialist
[Promotional text deleted as per forum rules. Thanks]
Kim is correct...however the seasoning requirement for reverses is typically only one year. I specialize only in reverse mortgages and would be happy to further discuss the various options.
Regards-
Ken Klawans, CSA
Certified Senior Advisor
Certified Reverse Mortgage Specialist
[Promotional text deleted as per forum rules. Thanks]
