Posted: Tue May 05, 2009 7:49 pm Post subject: Reverse Mortage
We live in Washington State and wanting to do a reverse mortgage - however, I am 58 and my husband is 62. Can we quit claim and remove me from the title - the apply for the reverse mortgage? If he were do pass away, would I loose the home? Does he need to leave the home to me in the will?
Yes, you can file a quitclaim deed and remove your name from the property so that your husband qualifies for the reverse mortgage. If your husband declares you as the heir to the property in the will, then you will inherit the property after his death. However, if he dies before you turn 62, you'll have to refinance the reverse mortgage into a conventional mortgage or else the lender would sell off the property to recover his dues. _________________ Procrastination is the enemy of your financial sucess
If you use the quit claim deed to remove your name form deed you can get out from deed & your husband can apply for reverse mortgage. If your husband add your name in will then you can get home ownership after they pass away. Adonis is right.
Don't forget to add your name in will. You must request to your husbund to add your name in will.
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