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Change Name on Mortgage When Qualifying for Reverse Mortgage

Mark Cappel
UpdatedJun 28, 2010

Do I need to remove my daughter from my mortgage before I close on a reverse mortgage?

1. Can I do a reverse mortgage with my 52-year-old daughter's name on the deed and mortgage? 2. If not how can I take her name off without refinancing, how long would it take if possible? 3. Any other suggestions?

The short answer to your questions is you may be able to remove a name from a conventional mortgage when closing on a reverse mortgage. The precise answer depends on the circumstances, and the policies of the reverse mortgage servicer (the bank).

A sure-fire way to remove a name from a mortgage is to refinance the mortgage, during which one party (or more theoretically) is removed from the mortgage. This assumes that the remaining people on the loan qualify for the refinance. A refinance should not take longer than 90 days. (See Time to Complete a Refinance for details.) Here, think of refinancing as your Plan B.

Plan A is to start shopping for a reverse mortgage. Explain the mortgage situation at the outset of your negotiations. If the loan officer you speak to balks or tells you outright to refinance first, then carry on to the next company on your shopping list.

One place to shop for a reverse mortgage is the reverse mortgage savings center, where you will be matched with pre-screened reverse mortgage providers that meet your criteria.

To learn more about reverse mortgages, see the resource Reverse Mortgage Evaluation and Facts.

I hope this information helps you Find. Learn & Save.




BBill, Jul, 2010
It is impossible to answer your question without knowing the state where the property is located and the state of residence of you and your spouse. If the property and your spouse are in a community property state, then you have liability for the mortgage. If you do not reside in a community property state, then you do not have liability for the mortgage. Your spouse, however, has liability for the mortgage regardless of his state of residence. If you have liability and the mortgage company files lawsuit against you, you do not respond, and they obtain a judgment, then the mortgage company can levy your bank account, place a lien on your property, or garnish your wages. 2) Regarding your seizing the ex-spouse's property, you have a cause of action against the ex for breach of contract. Again, if you sue and are successful, then you will have the ability to levy her bank account, place a lien on her property, and garnish her wages. See the resource collections advice for more information. Also see Ex-Spouse & Foreclosure for a longer discussion of these issues.
PPatti, Jul, 2010
My Husband divorced his ex wife two years ago. Both of their names are on the mortgage, and divorce decree only states that she is responsible to make payments on house. Because his name is still on mortgage he refused to sign quit claim deed. She tried to refinance but was denied. She owes more money on the house than it could be sold for. She is now refusing to make mortgage payments and the bank is calling not only my husband but my cell phone as well.Here are my questions:1. Since the mortgage has my hubby's name on it, CAN they go after ME for his debt? Can they take money from MY bank account or put a lien on MY home which I own outright for his and his ex wife's debt?2. IF they do take money from us, can WE take the house from her, even though divorce says she gets the house? HELP