Can I have my mom, add my name to her deed, so I can get an equity loan to move her to Florida?
My mom is disabled, she has medicare, and some form of Medicaid, there are no liens on her home., she has no cash assets. I need to move her to Florida. Her credit is poor., and we don't want to take a reverse mortgage to get funds to move her to Florida.
2007-03-09 17:41:51 · 1 answers · asked by ann 2 in Politics & Government ➔ Law & Ethics
Adding your name to the deed is certainly an option that would permit you to apply for a loan. If there is equity on the property, then I don't understand why a mortgage company would deny her a loan, notwithstanding her bad credit. I would think most companies would provide a loan as long as there is sufficient collateral to leverage it, such as equity in real estate. So adding your name shouldn't really be necessary, but your situation may have other relevant details which would affect this analysis.
It would probably help to consult a real estate attorney or mortgage broker.
2007-03-09 19:04:04 · answer #1 · answered by Mr.Samsa 7 · 0⤊ 0⤋