Remove Name From Mortgage

Summary

To remove your name from a mortgage in Pennsylvania, consider refinancing under your sons name, creating a life estate, or adding your son as a joint owner with rights of survivorship. A life estate allows you to retain property rights during your lifetime, automatically transferring ownership to your son upon your death. Drafting a new deed and recording it at the local county recorders office is required. Costs for drafting a new deed include attorney and recording fees. Consult a local attorney for personalized advice.

Full Conversation

Alice Cahill
Hello Alice Cahill, how can I assist you with your legal issue today?
I'm *, My name is on my son's mortgage. What can I do to get my name off the mortgage. I want to be sure none of his siblings can take away the house to sell. If I go into nursing home, they can't make him sell it. Or any of my creditors.comes back to make him sell.
Hello Alice, your situation involves mortgage and estate planning laws, which could vary based on location. Can you please provide me with your location?
Sykesville Pennsylvania
Hello Alice,
In Pennsylvania, you may consider the following:
- Request a mortgage refinance under your son's name only.
- Create a "life estate" where you own the property during your lifetime, but it automatically transfers to your son upon your death.
Please consult with a local attorney for personalized advice.
We looked at refinancing the house, we now have a mortgage rate at *.* . But with refinancing the rates are so much higher.
Hello Alice,
You can explore these alternatives:
- Add your son as a joint owner with rights of survivorship.
- Create a Living Trust and transfer the property into it.
Please engage a local lawyer to discuss these options in detail.
What is the life estate, what does that require. My son is on disability and I am on social security .
A life estate is a type of property ownership where you retain rights to the property during your lifetime and it automatically transfers to a designated person, your son in this case, upon your death. This requires:
- Drafting a new deed for the property
- Recording the deed at your local county recorder's office
Please consult a local attorney for more specifics.
Is there any charges, for drafting a new deed.
Yes, there are usually charges associated with drafting a new deed. These costs can include attorney fees and recording fees at your local county recorder's office. The specific cost varies, so it's best to consult with a local attorney or title company.
Thank you very much for your help.
You're welcome, Alice. If you have any more questions in the future, don't hesitate to ask. Best of luck with your situation, and take care.