Can we qualify for reverse mortgage?

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We (my wife is 72 and I am 75 years) added our mentally challenged daughter's name to our property title in joint tenancy with the right of survivorship. We did this only after consulting our attorney. When we pass on, she can get the house to sell and provide for her care from its equity. But here lies the problem. My wife and I need to raise our income as my retired pilot's pension has been reduced recently. I heard a reverse mortgage could help us but we can't qualify as our daughter's name is on title and she is below 62. Any advice will be appreciated!!

Caron · Posted: Fri Aug 04, 2006 3:52 am Post subject: RE:

Hi,

Welcome to the forums.

I think that your attorney has not given you the right advice. I understand that he may have advised for your benefit. But it makes no sense adding your daughter's name to the title when she is not able to understand it.

If your daughter had been in sound mental state, she could have signed a quit claim deed to you and your wife thereby removing her name from the title. Only then, you can qualify for reverse mortgage and provide for her through wills or living trust. In case, she is unable to sign a quit claim deed, the court may appoint a guardian to remove her name from the title.

Thanks,

Caron.

jerry · Posted: Fri Aug 04, 2006 4:00 am Post subject: RE:

Hi Ryan,

I agree with Caron. I think reverse mortgage will be the best option to provide lifetime income for you and your wife.

Thanks

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