Q: Tx if my spouse & I are currently on the mortgage & title yet spouse wants to refiinance w/ just their name. Pros&Con
I would remain on the title just not the mortgage. What are the pros and cons just want to make sure my kids and I are protected in case anything ever were to happen.
A:
Protected from what, exactly?
If the refinance happens and you don't sign on the note, you would not be liable on the mortgage, however the lender will almost certainly require that you sign a deed of trust to secure the mortgage loan. That means that even if you're not personally liable for the debt, the mortgage company can foreclose on the house; they won't give anyone a mortgage without making sure they can foreclose if they need to.
You might consider getting life insurance in an amount sufficient to pay off the mortgage in case your spouse dies. That would likely give you better "protection" than what you're considering.
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