Actually I never really heard of a spouse co-signing for a loan, but more being on the loan with you. More like a joint account. But you did say spouse, and maybe you weren't talking of being married to that person. Either way, from personal experience, I will answer the question from both points. If you are married and the person is put on the loan with you, the advantage and disadvantage would actually be the same thing. Their credit score. You don't want them to co-sign with you unless they have an alright credit score. Because the better credit score you both have, the better your loan, less required down, and also less interest. If they have a great score it can make these go down, and if it isn't that great, it will make it go up. If it is bad, it can make it be awful and possibly not go through with them on it. Also, if the person does have alright credit score, you can use both your incomes, to see how much you qualify for on the loan. You may get a $500,000 house instead of $200,000. As for co-signing, basically the same thing, but I don't think they take their income in consideration at all, meaning you get the $200,000 house, if you were going on the numbers I stated above.Other than that the advantage of a co-signer is if you qualify to only put 5% down, with a co-signer, it may make you qualify for 3% or nothing down even. But you may already be qualified for that by yourself. Also a co- signer can help you to be able to get the loan, if for some reason your a little short at being qualified to get the loan yourself. But they need to have a good crdit score still. Hope this helps, one more thing. Everytime you get your credit pulled yourself from creditors, it will make your credit score go down, but not with mortgage loans, if you get the loan in a few months. They actually like that, cause that means you are being responsible and shopping for the best loan. Myself, I am married, had both of our scores pulled, to see both scenerios to see which gave us the better deal. For me it was by myself. But if I could find an outside co-signer, it may be better.
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.
Then the house needs to be sold.
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
At the moment there are very few investors willing to purchase reverse mortgage loans with a non-borrowing spouse due to the AARP / HUD lawsuit. It's advised that both you and your spouse go on the loan together as the reverse mortgage becomes a balloon payment when the last surviving borrower passes.Some helpful reading on this topic here:Reverse Mortgage with Spouse Under 62 Leaves Vulnerabilityhttp://www.allrmc.com/blog/reverse-mortgage-with-spouse-under-62-leaves-vulnerability
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.
The only way to remove your spouse is by refinancing the mortgage. Your attorney may be able to assist you in negotiating with the bank.
you just get it for no reason
Then the house needs to be sold.
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
At the moment there are very few investors willing to purchase reverse mortgage loans with a non-borrowing spouse due to the AARP / HUD lawsuit. It's advised that both you and your spouse go on the loan together as the reverse mortgage becomes a balloon payment when the last surviving borrower passes.Some helpful reading on this topic here:Reverse Mortgage with Spouse Under 62 Leaves Vulnerabilityhttp://www.allrmc.com/blog/reverse-mortgage-with-spouse-under-62-leaves-vulnerability
A spouse is not added to a mortgage; if the spouse already owns an interest in the property through deed or community property, then the spouse is subject to the mortgage, regardless of whether or not he or she signed it. Note, however, that many mortgages contain "due on sale" clauses which require the mortgage to be refinanced if there is a change in ownership of the property. Contact your bank to see if your loan contains such a clause.
You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.
You can add your spouse to the mortgage by refinancing in both of your names. Your spouse does have to be credit-worthy. Check with your original lender to see if it can be done simply without a full fee for refinancing.
A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.
The options include: stop paying the mortgage and let the bank repossess the house; pay the entire mortgage yourself; divorce the spouse and move out; divorce the spouse and stay, while your spouse moves out; find out why your spouse refuses to pay half of the mortgage and see if some agreement can be reached; seek cheaper housing; go on an extended backpack tour of Europe; enlist in the army. That's about it.