Q: My house isn't paid off yet, and I want to know can I put the house in children name. How long is the process?
A: Yes you absolutely can you just need an attorney to draft a deed of gift for you. If you are no longer an owner your kids would likely then have to handle the mortgage
A:
Careful. MOST mortgages have a 'due on sale' clause that would make the TOTAL outstanding balance of the loan due if you are no longer the sole owner as at the time the mortgage was made. You can often get the bank to waive such a requirement, but just doing it first without considering this is dangerous!
Seek the help of an experienced local real estate (and perhaps estate planning because that sounds like what you're trying to do!) attorney.
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
John Andrew Maghamez agrees with this answer
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