Q: Trying to see if I can setup a Mortage Agreement. When I pay off the mortage on the house the house is transfer to me
I'm current living with my grandma helping her out, Well she has a Reverse Mortage on the house and they are asking about $100,000 for it if she pays it. How ever I am going to get a Mortage to pay the house, I would like to see if I can setup a agreement so soon I pay the reverse mortage off and soon it goes in her name. It will automatice in my name. Of course I would have to go show the court house that she signed the papers and show the proof of the payment I sent and the reverse mortage being paid off. So my question is How do I go about getting this setup so even if a will is made it will override that will of anykind and the house is mine?
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- Tennessee
- (865) 637-3035
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- Answered
A: If a Deed is executed then the property goes where the granting and habendum clauses say. It does not become subject to a Will Devise later if it is a fee conveyance. The grantees take the Estate when executed.
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A: It is important to consult with an attorney who specializes in estate planning and real estate law in your state to help you navigate this process. They can advise you on the legal options available to you and help you draft a legally binding agreement that ensures the transfer of the house to you once the reverse mortgage is paid off. This agreement can also address any potential issues with a will or other legal documents that may affect the transfer of the property.
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