If the husband takes a mortgage out in his name only can his wife be on the title of purchasing a house?

Answer 1

yes, i did it myself.

Answer 2

"One to Buy, Two to Sell".

What you are talking about is a Purchase Money Mortgage.

With a Purchase Money Mortgage the person taking out the mortgage needs to be the only one present at closing. However, the simple fact that they are married, both will need to sign to sell.

If you do not specifically state the you are doing a Purchase Money Mortgage than the spouse will need to be present at the closing and there are a small number of documents including the Truth-in-Lending for one. This is called non-purchasing spouse. This acknowledges that you understand that your spouse is purchasing a home and obtaining a lien against that property. This will put the spouse into title and you should not have to worry about filing a Quit Claim Deed after closing. In the case of a PPM, you might want to do the Quit Claim Deed to make sure you have a vested interest.

There is not usually a requirement that a spouse be on the loan (FNMA or Fhlmc) but some lenders (usually those with specialty products) will not allow a purchase money mortgage feature then the spouse would have to be present at the closing.

Answer 3

I am a mortgage professional for the last 6 yrs.... Yes he can have the mortgage in his name only ( have done this with many clients)and you can be on title with out being on the mortgage this gives you a vested interest in the home and protects you in case of divorce death ect... and gives you the right of the equity the home will accumulate as well as him.
All the mortgage does is make him responsable for the payment and shows on his credit only.

Answer 4

As a rule mortgage companies want all owners of a property on a mortgage. Legally it's the only way they can foreclose if the mortgage goes in the tank. If he's the sole owner now, and has a mortgage in his own name, he can do a deed of gift into her after the fact in some states; but if he's married and just buying, she'll have to be on both or neither.

Answer 5

Iceman is right. The way it works is that once the mortgage loan has closed the party who took out the loan deeds an interest to the other party and that deed is recorded. Now both parties have an interest in the title.

A local title company can help you with choosing the correct form of deed to be recorded.

Answer 6

Absolutely! I do mortgages and my bank actually has the borrower sign an extra set of title apps for this exact reason.

The borrower can add anyone to the title at any time...cost will depend on which state, county, city etc.. you are located in.

Check with your local courthouse and they will tell you exactly what you need to do.

Hope this helps!!

Answer 7

why do you want a opposite loan? are you men elderly? under generic circumstances (say for occasion a divorce) in case you do a quit declare deed and take your call off the domicile it nevertheless continues to be on the loan till the home is bought yet you're no longer from now on in contact in any respect. under your present day circumstances in case you're taking your call off then she gets the money from the opposite loan, the money which you the two placed into the domicile. seems to me you will get no longer something. once I did a quit declare deed I have been given no area of the domicile itself. If "each and every thing" you're pertaining to means do you get to maintain your fashionable chair, then that's as much as you and your spouse to confirm who gets what in case you're splitting. you ought to comprehend how long the opposite loan pays her because of the fact if i'm no longer unsuitable it in basic terms pays back what you put in (apart from the interest, taxes and insurance) over the years, and then whilst the money are achieved, she's shifting out (the two one in all you're). See your legal expert in case you have questions. easily ask your legal expert if a opposite loan is a solid theory or no longer.

Answer 8

YES.

Anyone can go on the title thats want to at anytime. Its seperate of the loan.


The guy 2 answers below me is wrong. I have the mortgage just in my name and the title in both of our names. Therefore it CAN be done.. ignore him.

Answer 9

Depends on the state. For instance, in Florida the wife is "automatically" on title and is entitled to 50% ownership in the homesteaded property. This means that she has a 50% equity in the property but is not responsible for the payments. Pretty good deal huh? This rule does not apply to investment or commercial properties however.

Answer 10

yes...our loan is in my name, both names are on the deed.