Q: Property Registry, Inheritance and Reverse Mortgage
My mother-in-law is looking to get a reverse mortgage on her house. We discovered that she and her late husband are the people who hold the mortgage, her late husband is the registered owner with CRIM but her parents are the who the property is registered with with the Property Registry.
1. What steps can mother-in-law take to secure a reverse mortage on the property?
2. Is there any way my husband, who is registered as a heir to his father's estate, be added to the the property registry?
3. Can my husband quit claim to the property to his mother?
A: Most likely a "Declaration of Heirship (Declaratoria de herederos)" , and a form to the Treasury Department needs to be filled in order to register the house in the Property Registry to the heirs. Also your husband can donate his participation in the heirship to his mother. All that needs to be done before doing any transaction with the house (selling, mortgage, etc).
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