[JACKSOTA1]

I live in Detroit, Michigan. My parents were married for 35 years, their house is completely paid for. When they got divorced they didn't sell the house and the divorce papers say that they decided not to sell to split profit. I now live in the house, my dad remarried and lives in Ohio. My mom bought a condo here in Michigan. I recently found out that the deed only has my dads name on it. Is it necessary to add my moms name to the deed in case my dad dies? I wanted to add mine to it for that reason, but don't know if that will keep his new wife from trying to take it.

Tamara in Detroit

[ScottGem]

Its not necessary to add your mom's name. In fact, at this point it might cause tax issues to her. Since they are now divorced, it might be considered a sale to add her or your name to it.

I would suggest that dad specifically leaves the house to you in his will.

[JACKSOTA1]

Thanks Scott but I don't want to wait until he dies. I want my name on the house so that I can use the equity to do much needed repairs done. I don't want to transfer ownership from him to me, just want to add my name to the deed.

[ScottGem]

But you miss the point, adding your name to the deed IS a transfer of ownership. There is no getting around that.

Why can't dad get the home equity line, you could be cosigner.

[JACKSOTA1]

I'm sorry I didn't understand that adding your name to the deed is transferring ownership, especially if his name is still on the house. My father can't get a home equity line of credit because 1) his credit is not that great, 2) he's 77 yrs old and 3) he does not live in the same state where he owns the house. He was told that he couldn't get a loan from another state.

[ScottGem]

Like I said, you can try seeing if you can co-sign the loan. But any change in who is on a deed constitutes a change in ownership.

One other option might be to create a trust with you as the beneficiary. That would give you a future ownership that you might be able to use as collateral for the loan.

[JudyKayTee]

I'm sorry I didn't understand that adding your name to the deed is transferring ownership, especially if his name is still on the house. My father can't get a home equity line of credit because 1) his credit is not that great, 2) he's 77 yrs old and 3) he does not live in the same state where he owns the house. He was told that he couldn't get a loan from another state.

A Deed is the same as the title to a car - the names on the Deed are the owners of the property. Your name is on the Deed, you are a partial owner. If it goes from one name to another or from one name to two, that's a transfer of ownership.