My question involves real estate located in the State of: Nevada
My boyfriend wants to cosign for a home loan for my mom. She owns the house outright, but wants to take money out of the house. She doesn't make enough money to qualify or pay for the loan, but she deserves to have the money and I want and am able to pay for it. My boyfriend and I intend to move to the house when I am able to retire in 10 years. My boyfriend has excellent credit and we both have nice incomes and we want to get my mom the best terms for the loan.
My mom's name is the only name on title, however in her living trust she has left the house to me in the event of her death.
So, my question is, if he cosigns for the loan, and I make all the payments on the loan... what happens in the event that my mom passes? Will I be able to inherit the house? I don't want my boyfriend to get stuck in too much red-tape or trouble, because as he is happy to help, and is a very kind person but not the kind of person who likes or understands a bunch of red-tape. Hope this question makes sense I'm trying to protect him.
My boyfriend wants to cosign for a home loan for my mom. She owns the house outright, but wants to take money out of the house. She doesn't make enough money to qualify or pay for the loan, but she deserves to have the money and I want and am able to pay for it. My boyfriend and I intend to move to the house when I am able to retire in 10 years. My boyfriend has excellent credit and we both have nice incomes and we want to get my mom the best terms for the loan.
My mom's name is the only name on title, however in her living trust she has left the house to me in the event of her death.
So, my question is, if he cosigns for the loan, and I make all the payments on the loan... what happens in the event that my mom passes? Will I be able to inherit the house? I don't want my boyfriend to get stuck in too much red-tape or trouble, because as he is happy to help, and is a very kind person but not the kind of person who likes or understands a bunch of red-tape. Hope this question makes sense I'm trying to protect him.
Co Signing for a Home Loan and Not on Title
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