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SVTPerformance's Chain of Restaurants
Road Side Pub
"mortgage question minimum required to prove primary residence for mortgage.
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<blockquote data-quote="Torch10th" data-source="post: 14661106" data-attributes="member: 15703"><p>This makes a lot of sense. I would have included that information in your original post. You may want to add it for anybody coming to this thread.</p><p></p><p>She's in rehab currently, but is otherwise of sound decisionmaking facilities? I'm assuming the house is paid off? If that's the case I'd personally do the following.</p><p></p><p>1. Quit claim deed transferred from her name to yours. This gives you ownership of property and removes the asset from her name (sometimes required for medicaid etc.) so that it's not seized.</p><p>2. Secure a small personal loan or get a home equity line of credit for roof replacement</p><p>3. Use rental income to pay off loan as quickly as possible.</p><p></p><p>This way you don't have to prove primary residency. With a HELOC you'll also pay less fees than a traditional mortgage and you should be able to collect funds much quicker to get that roof replaced.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 14661106, member: 15703"] This makes a lot of sense. I would have included that information in your original post. You may want to add it for anybody coming to this thread. She's in rehab currently, but is otherwise of sound decisionmaking facilities? I'm assuming the house is paid off? If that's the case I'd personally do the following. 1. Quit claim deed transferred from her name to yours. This gives you ownership of property and removes the asset from her name (sometimes required for medicaid etc.) so that it's not seized. 2. Secure a small personal loan or get a home equity line of credit for roof replacement 3. Use rental income to pay off loan as quickly as possible. This way you don't have to prove primary residency. With a HELOC you'll also pay less fees than a traditional mortgage and you should be able to collect funds much quicker to get that roof replaced. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
"mortgage question minimum required to prove primary residence for mortgage.
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