Can my mother quitclaim deed her house to me with a reverse mortgage?


My mother owns an apartment and does not want the responsibility. We would like to rent the place but, concerned about the financial implications to her social security. She would like to quitclaim it to me, her daughter but she owes $30,000 on a reverse mortgage. Any suggestions?


The reverse mortgage would have to be paid off if/when title is transferred out of your mom’s name, anyone is added to title, or your mom moves out. You could buy it from her, paying off the reverse with the proceeds of your new mortgage (assuming you don’t have cash to do so). She can’t, however, just convey her ownership interest to you via a quit claim deed as the reverse mortgage would then be due and immediately payable.

Answered about 1 year ago
Ted Rood
1469 1 7


Perhaps another option to consider is to have your mom “sell” the property to you subject to the mortgage. You could then rent out the apartment and you would collect the rent. You could then use your income to help your mom. Whether or not this would violate social security would be an issue to ask your attorney.

Answered 12 months ago
12 months ago Ted Rood said:

Can’t sell a home with a reverse mortgage (or transfer title) without paying off the reverse loan.

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