Can someone add names to a home title without it causing an existing home equity loan to be called due?
Tags:brother, home equity loan, joint tenancy,
2
My sister has a residence with her name usually upon a pretension as well as a home
equity loan with a line of credit. Now, she wants to supplement myself
and my hermit to a pretension usually as well as it will be a Joint Tenancy
Title. My hermit feels which if we am listed upon a pretension which it
will means a loan to be called due since we am unemployed? Is
that right? M.G.
Related solution post:
- Can someone add names to a home title without it causing an existing home equity loan to be called due?
- Does a co-signer need to be on the title to apply for a home equity loan or a home equity line of credit?
- Is it possible to add someone to the deed on your home even if you have a home equity loan or line of credit?
- What would be better, a home equity loan or refinance at lower rate to add on to my home?
- can the person on title take a home equity loan?
If your sister holds at least a 50% undivided interest in the property the lender can’t call the loan. It would be wise to notify the lender of her intention to give family members a portion of the property ahead of time.
My question is why in the world would she want to add you and your brother to the property? The correct way to deal with that is to place the property in a revocable family trust and will her siblings the house when she dies. The trust route provides many tax advantages vs. just giving away a share of the property, especially for you and your brother. It also gives your sister control of her own property should she decide to sell, refi, or just improve the property.
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