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Can you have two mortgages you are a married couple and wish to buy an additional property for your son as he is at university?
Wiki User
∙ 14y ago
You can have as many mortgages as you want as long as you have sufficient assets to cover them (i.e. can't really have two mortgages on one property), sufficient money for the deposits and sufficeint income to cover the mortgages - the bank will usually lend you 4 - 5 times your annual income over all your mortgages Yes you can have 2 - 3 or more mortgages. Now you didn't say what kind of mortgage. So here are some examples: Investment Mortgage on a rental property. Since your child will be living there this may be the lesser of the types to get. You can do a "second home" type loan..rate can be better than rental but it has to be in a "second home" type area and you have to agree to occupy the property at least 14 days in 1 year. Since you will be a non-occuping buyer your rate will be higher..if your son has good credit then he may want to sign as an occupying buyer..even if he doesn't have any income. Check with your Local lenders. FHA may still allow this kind of loan..the rate would be better and down payment very little.
Wiki User
∙ 14y ago
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What happens if you have a reverse mortgage and then marry someone who is under 62?
You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.
Does you spouse name have to be on a mortgage?
All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.All the owners of the property must sign the mortgage so that the lender can take possession of the property in the case of a default. Property rights between married couples vary by state and vary between community property and separate property states. You need to check with an attorney in your jurisdiction.
Is jerry Jones married?
Yes, He is married to Gene Jones, whom he met in college at Arkansas University.
Can a debt collector take property titled in two names for one person's debt?
Maybe. It depends on what sort of property is in question, how that property is held by more then one individual, if the person(s) are married and if so whether or not they reside in a community property state. In CP states all property belonging to a married debtor can be seized even though only one spouse is the named debtor. In non CP states where only one spouse is the debtor joint property such as bank accounts can usually be protected from creditor judgments. When it relates to property jointly owned by a individuals who are not married the issue is more complexed.
Can a house be considered community property, if there is only one Name on the mortgage?
If you are married in a community property state, then yes, it is a community property. The mortgage is irrelevant - it is whose name on the deed that determines ownership.
What rights do one have to property if you are not married?
If you are not on the deed you have no rights in the property. If you are not legally married and the owner dies you have no legal rights in the property.
What happens if you have a reverse mortgage and then marry someone who is under 62?
You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.
What is the opposite of community property state?
Property own prior married
How long does a couple need to be married for property to be considered community property?
You do not necessarily have to be married to own jointly owned property and even when an individual is married for 60 years he could still keep property separate from his spouse. Property is considered jointly owned if you purchased it together (each contributing), your name is on the property, or in some situations when you are married and you have substantially contributed to the property. If your spouse has kept the property separate by keeping it in his name, only putting his money into it then it will be considered separate.
Why could English women colonist not do you after they got married?
English women colonists could NOT own property after they are married. -APEX.
Are the property brothers married or gay?
The twins from the show Property Brothers are neither married or gay. Both brothers are single, although Jonathan has been married in the past.
Why was life different for women in English compare to Dutch colonies?
English women could not own property after they married.
Is a house considered joint property Iowa If the deed is in wifes name and the husband signs off on the property whos name goes on the check when purchased?
Iowa is a separate property state. A married woman can own property in her sole name. If the property is sold, her name goes on the check as the payee.Iowa is a separate property state. A married woman can own property in her sole name. If the property is sold, her name goes on the check as the payee.Iowa is a separate property state. A married woman can own property in her sole name. If the property is sold, her name goes on the check as the payee.Iowa is a separate property state. A married woman can own property in her sole name. If the property is sold, her name goes on the check as the payee.
What could English women colonists not do after they got married?
They could not own property
If a married woman is one of the grantees in a deed is the husband entitled to the property also?
The answer depends on the laws in the jurisdiction where the property is located. Married women can own separate property in their own right in separate property states.
Are farm crops community property?
If You are married in a community property state yes
Does your spouse have any right to anything bought during your marriage while she was still married to her previous husband?
In the United States, your "spouse" was not legally married to you if she was still legally married to her previous husband. In order to be legally married to you she must have obtained a divorce, waited the statutory nisi period if any, and then married you legally. If she married you knowing that she was already married then she violated the law.In a community property state, that property would not be community property. You may need to seek a court order if you cannot divide the property by a mutual agreement. You should consult with an attorney who can review your situation and explain your rights and options.In the United States, your "spouse" was not legally married to you if she was still legally married to her previous husband. In order to be legally married to you she must have obtained a divorce, waited the statutory nisi period if any, and then married you legally. If she married you knowing that she was already married then she violated the law.In a community property state, that property would not be community property. You may need to seek a court order if you cannot divide the property by a mutual agreement. You should consult with an attorney who can review your situation and explain your rights and options.In the United States, your "spouse" was not legally married to you if she was still legally married to her previous husband. In order to be legally married to you she must have obtained a divorce, waited the statutory nisi period if any, and then married you legally. If she married you knowing that she was already married then she violated the law.In a community property state, that property would not be community property. You may need to seek a court order if you cannot divide the property by a mutual agreement. You should consult with an attorney who can review your situation and explain your rights and options.In the United States, your "spouse" was not legally married to you if she was still legally married to her previous husband. In order to be legally married to you she must have obtained a divorce, waited the statutory nisi period if any, and then married you legally. If she married you knowing that she was already married then she violated the law.In a community property state, that property would not be community property. You may need to seek a court order if you cannot divide the property by a mutual agreement. You should consult with an attorney who can review your situation and explain your rights and options.
