Ask Me Help Desk - Adding Spouses name to mortgage

My husband and I would like to add my name to the mortgage and deed of our house.
Our mortgage company told my husband that we would need to refinance and that our interest rate would go up. Can they do that? If my name is not put on the mortgage and deed what would my legal rights be in Massachusetts. I am contributing to the payments and we both want to make sure I would be protected if something were to happen to my husband.

Quote:

Originally Posted by gigiz

My husband and I would like to add my name to the mortgage and deed of our house.
Our mortage company told my husband that we would need to refinance and that our interest rate would go up. Can they do that? If my name is not put on the mortage and deed what would my legal rights be in Massachusetts. I am contributing to the payments and we both want to make sure I would be protected if something were to happen to my husband.

You can be on the deed without being on the mortgage in many states. In fact, it is all the benefit without the pain. You wouldn't be "legally" responsible for the mortgage but neither party could sell w/out the other. I would never recommned anyone doing this because of the rate of divorce. This makes for only 1 party being responsible for the mortgage and both on the decision on selling. Not fair and really puts the burden of financial responsibility on only 1. If you are sharing responsibility of ownership you might as well share the responsibility of the liability too.
If something happens to your husband, in many states the wife is automatically the beneficiary. Check it out. The most sound advice would be to shop rates and see if refinancing now can get you a better rate and get you on the deed too. I wouldn't do 1 w/out the other. Just setting yourself up for problems later.

Quote:

Originally Posted by gigiz

My husband and I would like to add my name to the mortgage and deed of our house.
Our mortage company told my husband that we would need to refinance and that our interest rate would go up. Can they do that? If my name is not put on the mortage and deed what would my legal rights be in Massachusetts. I am contributing to the payments and we both want to make sure I would be protected if something were to happen to my husband.

What about having your attorney prepare a Will for both of you.