I am getting married in October. My fiance and I are currently applying for a mortgage. We unfortunately cannot get approved on our own. My parents offered to be on the deed along with myself and my fiance to help us get approved. My concern is that my father is 65 years old. He receives Social Security Disability benefits as well as Workmen's Compensation benefits and is on Medicare. My mother receives Social Security. Will their benefits be affected in any way if they are on the deed to my home? My fiance and I of course will be making all of the mortgage payments. My parents will only be on the deed purely to help us get accepted for a mortgage. Any information would be greatly appreciated. Thank you

If you can not get the mortgage on your own, you don't need the mortgage,

Your dad on the deed makes him part owner, and thus will increase his net worth as to the value of the home. The reason why does not matter, they either are, or they are not.

So you either buy something you can get a mortgage on, or you rent for now, improve your credit and save for a down payment

Hello dina:

In addition to the good advice you received from the Padre, I don't think your father can help much anyway. Even though he's got good credit, at 65, the bank knows he's not going to be around for 30 years to make the payments. Plus, his income isn't enough to help either.

excon

There is nothing wrong with this arrangement; the lender will have to approve it and your folks should understand that, heaven forbid, things don't work out between you and yours, your dad and/or mom are also responsible.

If I may ask why you can't get mortgage own your own? The reason is important, as you may be getting into something that can be out of your range, and end up putting everyone on the deed in big time trouble. I don't think it's a good idea right now, and improving your credit, or your money situation, may be the best thing to do at this time.

I think you should wait until you can do on your own. Just being married this will give you something to work and look forward to together, as a team. If you notice, most people who first get married usually rent a home until they can purchase one with there own. Things change so much when you become married, finances and stabilty. Give it some time so you know what you are getting into. Your parents are willing to do it to help you, how do you know they just don't want to tell you no because they are your parents. I would tell them Thank you so very much for the kind gesture, but you decided to wait and do it on your own, you will feel much better. Good luck

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Originally Posted by dinag566

I am getting married in October. My fiance and I are currently applying for a mortgage. We unfortunately cannot get approved on our own. My parents offered to be on the deed along with myself and my fiance to help us get approved. My concern is that my father is 65 years old. He receives Social Security Disability benefits as well as Workmen's Compensation benefits and is on Medicare. My mother receives Social Security. Will their benefits be affected in any way if they are on the deed to my home? My fiance and I of course will be making all of the mortgage payments. My parents will only be on the deed purely to help us get accepted for a mortgage. Any information would be greatly appreciated. Thank you

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I see it this way - the bank/mortgage company (which has guidelines) does not think you have sufficient income to purchase, pay taxes and keep up a house. If you put your parents on the mortgage that does not increase your income or your ability to afford a house so you're back where you started - not enough income to support a house.

The current foreclosure situation across the Country is partially caused by this situation - people who bought property they could not afford.

And if you default you put your parents' financial security on the line.

SSD, Worker's Comp and Medicare are not affected by income, property ownership, assets in general so it doesn't matter there.

And once your parents are on the Deed they are part owners so Wills will have to brought up to date by an Attorney who understands the situation.

I think it's a bad idea in general.

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Originally Posted by tgslickers

I think you should wait until you can do on your own. Just being married this will give you something to work and look forward to together, as a team.

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Hello tg:

We're happy to have your advice here. However, keep in mind this is the LEGAL board, not the PERSONAL ADVICE board. Nobody here cares what you think - they care what the law is. If you know the law offer it. If you don't you should offer nothing.

excon

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Originally Posted by excon

Hello tg:

We're happy to have your advice here. However, keep in mind this is the LEGAL board, not the PERSONAL ADVICE board. Nobody here cares what you think - they care what the law is. If you know the law offer it. If you don't you should offer nothing.

excon

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I have been reading these all morning and there are a lot of people giving advice, not opions. Sorry you feel this way and just for your info I work for a real estate agent out of Tri Cities