If you put gasoline in my ferrari would you own half of it?
Unfortunately NO! One of the main reasons being how would you prove your paying towards the mortgage? and not just paying him rent?
Yes to both.
The object of a reverse mortgage arrangement is for the bank to sell the property for a profit when the mortgage becomes due. Banks do not sit on vacant properties for long. Generally, if the mortgagor is moved to assisted living or a nursing home the mortgage becomes due. Any non-borrower living in the premises must move out. If a borrower fails to pay the property taxes, maintain insurance or fails to maintain the home, that will result in a default and the lender can foreclose. See related links.
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
You can use income that is at your disposal. If you will have access to your husband's income as a household income for this mortgage then yes you can. If you are separated and he will not be living in the house then the answer would be no.
David Reed is the author of seven books on real estate finance, notably, "Mortgages 101" and "Mortgage Confidential" published by AMACOM books in New York. He is a mortgage banker, living in Austin TX.
No. Unless you can prove that you paid the mortgage during that time, and that will take some hard work.
You are not entitled to anything. Zip, zilch, zero. That is the difference between living with someone and getting married. Married couples have a legal foundation, but a boyfriend/girlfriend relationship has nothing. When it is done, it is done. You get to keep your belongings that you paid for or were gifts from others to you and he gets to keep his.
Helping to pay a mortgage does not give you any interest in the property. The court would likely view your payments as rent and your living expenses unless you handed over an extremely large part of the mortgage or had some agreement in writing.
If you are buying a home, and your boyfriend is living with you, he should be paying you rent, i.e. living expenses. Where you choose to allocate the funds is not important. No money is due, when he moves out. He lived under your roof. Make absolutely certain that you pay all mortgage payments out of an account that is solely yours alone. You may also want to get another document that recognizes that the home is yours and what will happen should you split later. I have heard of several people having to pay off their ex for the equity in the home that they shared.
I have just separated with my wife to which i have three children. I have moved out living with my mother. Is my wife and children entitled to stay in the house even if the mortgage is in my name.
NO, your homeowners policy will cover 'additional living expenses' but will not cover your mortgage.
Perhaps, or he might be.
No, it is not hers. Living together does not establish any legal rights. Yes, only if the boyfriend allows her to. But if the boyfriend says no then she is not allowed because the item doe not personally belong to her. Now if she is helping paying car payments and things involved with the item, then yes. But overall the item isn't hers, so if the boyfriend says no, she can not.
If a couple living together for 16 years never marries, she never worked, is he entitled to pay alimony if they separate
No not really
In order to find out what a good FHA mortgage rate is you may need to consider speaking to someone who deals with this kind of thing as a living. Perhaps a mortgage broker?
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