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luckylindy0 | My husband died and I would like to add my sons name on the mortgage.? |
He does live with me and If something were to happen to me I wouldn't want him to have to move.How much of a hassle is it?
Additional Details
He is 40 and he wouldn't take the house away from me.[possitive about that]. I would just want him to have his own house,this one,if I died.But don't want any hassles from bank if he just continues to pay mort.If thats possible. |
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bud68
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You cannot "add him to your mortgage" without the lender's concurrence and why would you want to? If you want him to have the house, you need to set up an estate plan to lets him inherit it upon your death. That is much more advantageous to him. See an estate attorney for advice. |
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BoomChikkaBoom
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You can't just add someone to a mortgage.
You would have to refinance and have your son take out a new mortgage WITH you and do a quit claim deed with you as the grantor and both you and your son as the grantees as tenants in common with right of survivorship. That means you each have 50% interest in the home, and if either one of you dies, the other one automatically inherits the other persons interest. |
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estielmo
 |
Buy life insurance that pays off the mortgage if you die. |
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blackfeatherbird
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You need to contact a Real Estate attorney to have papers drawn up... I would suggest a Homestead status or a Homestead declaration that would protect your home up to a certain amount in lien judments. You would want to leave a legal will to him.... for now you can have a living will indicating where you would like your property to go if you should pass or become incapacitated. |
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Chrys
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how old is he ???and do you know if you put his name on the mortgage he can take the house away from you at anytime...(it's done way too much to people who don't have a thought first..) he will also be liable for the mortgage if you can't pay, does he want that ??? why not have a will drawn up giving him the house ???
in any case...see a lawyer. |
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Emily E
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You don't want to put him on the mortgage, but on the title. Or really the best way it to have a will drawn up and leave it to him. Putting him on the mortgage just makes him responsible to pay for it, it does not give him ownership!! |
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hirebookkeeper
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Adding his name to the mortgage means he is assuming some of the debt - is that what you want or do you want your son's name on the deed? See a real estate attorney. |
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Duke
 |
Wouldnt it better if she did put it under his name (if said mortgage is paid for) to avoid death tax (i know its not the right term). Isnt anything over £250k taxable. |
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jason b
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Your mortgage has life insurance built into it. So if you were to die the debt would be covered. Make a will so your son is the beneficiary of your estate ie the house. Have it done by a lawyer and not a off the shelf will as you might have to consider death duties if your estate is of a certain value which could result in the house having to be sold to pay them, irrespective of your wishes in leaving the house to your son. |
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