Q: My sister has a house the she has a mortgage on. She wants my name to go on the deed.
My sister wants to put my name on the deed to a house that she still has a mortgage on. I want my name on the deed because it is our family home and she cannot afford to care for it on her own. I would love for my name to be on the deed but not on the mortgage is this possible. She has a life insurance policy that will pay the mortgage off if something were to happen to her. She would not want me responsible to pay her loan off. This was a 2nd mortgage and it was not to pay the house off, it was bills etc that she had to take care off.
A: You may do that, easily. But you must understand that the entire home remains encumbered by her mortgage even after you add your name. You won't be personally liable on the note, but the house is responsible for the lien.
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