Question by Patrice Z: Is there a way I can remove my elderly mother name from my mortgage and deed without refinancing?
My mother may need to be placed in a convelescent home. I was informed it would be best to take her name off of my mortgage I am the primary home owner.
Answer by scott m
Go to a lawyer & have her sign the mortgage over to you. I took over the mortgage from my mother-inlaw when she was faceing forecloser. It didn’t cost me a dime!
Know better? Leave your own answer in the comments!
do a quit claim deed. These are very useful and easy to do. I work in property management and encounter these when a couple is divorcing, or in your case the mother or father need to be placed in a secure facility for proper treatmet. talk to a Real Estate lawyer about it.
Talk to an attorney before taking any action. If you have your mother “sign over the deed” to you, there is a risk of triggering the “Due on Sale” clause. A quit claim deed (QCD) is not going to relieve your mother of her obligation to repay the mortgage, it simply “quits” her interest in the property to whatever extent she may have an interest. This is very different than the lender’s security deed. Your best choice will be to refinance the property into your name if you truly want to remove her from future liability.
You can have a local title company remove her name from title (they prepare a grant deed – will cost you around $ 60.00 – $ 100.00 to prepare and record). Only issue, you will need to refinance the loan removing her name, but I highly recommend you do this. Call the lender you have the loan with (tell them you want to do a rate and term loan only – no cash out – to refinance in your name only). Generally the fees and rates are better for this type of loan.
Not that I know of. She will remain on the mortgage until she dies, then her heirs (you) will be liable for the payments. Will the nursing home be tapping into her assets, is this why the concern? Medicare won’t tap into her home only her other assets like automobiles, jewelry and life insurance. Make sure this is what they require before you go ahead and spend money to refinance this home. The deed is the easy part, the mortgage is the stickler. Good Luck!