Mortgage and deed.
The house is mine. Can I put my sister on the deed AND on the mortgage. She is willing to put about $50,000 on the principal when I remortgage. I would be responsible for mortgage payments. When I file a Will it will say I leave my house to my sister. On the $50,000 gift is their tax issues.
Re: Mortgage and deed.
CAN you put your sister on the deed? Sure -- you're selling her an interest in exchange for $50,000.
Whether a lender would issue a mortgage to both of you depends on the quality of each person's credit. You should also keep in mind that by being on the deed, each of you carries the risk of exposure to the other's creditors.
Your sister may be a wonderful person, but the facts will determine whether the deal may or may not be a good idea. Given the value of real estate, I strongly advise that each of you sit down with separate real estate attorneys. You should work out an agreement which addresses how you will each minimize the various legal and financial risks which can happen here. You also need to be sure that the title is structured properly to allow for a smooth transfer in the future.
Re: Mortgage and deed.
CAN you put your sister on the deed? Sure -- you're selling her an interest in exchange for $50,000.
Whether a lender would issue a mortgage to both of you depends on the quality of each person's credit. You should also keep in mind that by being on the deed, each of you carries the risk of exposure to the other's creditors.
Your sister may be a wonderful person, but the facts will determine whether the deal may or may not be a good idea. Given the value of real estate, I strongly advise that each of you sit down with separate real estate attorneys. You should work out an agreement which addresses how you will each minimize the various legal and financial risks which can happen here. You also need to be sure that the title is structured properly to allow for a smooth transfer in the future.
Re: Mortgage and deed.
CAN you put your sister on the deed? Sure -- you're selling her an interest in exchange for $50,000.
Whether a lender would issue a mortgage to both of you depends on the quality of each person's credit. You should also keep in mind that by being on the deed, each of you carries the risk of exposure to the other's creditors.
Your sister may be a wonderful person, but the facts will determine whether the deal may or may not be a good idea. Given the value of real estate, I strongly advise that each of you sit down with separate real estate attorneys. You should work out an agreement which addresses how you will each minimize the various legal and financial risks which can happen here. You also need to be sure that the title is structured properly to allow for a smooth transfer in the future.
