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Is it possible to transfer a mortgage to a family member?

by LTucke_318_546 from Needham Heights, Massachusetts. Sep 17th 2012 Reply


Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

Only if you signed up for an assumable mortgage when you purchased the home or last refinanced it.

Sep 17th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You can add a family member to the "deed" to the home, so long as you don't remove the original owners. You cannot remove the original owners and replace them with someone else without triggering the "Due On Sale" clause.. If however, there was a death, and the property was transferred as part of a will or trust, then the lender will allow you to continue to make payments... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Sep 17th 2012
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Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

You can do what is known as a family deed transfer. It really is a sale to a family member and they would need to qualify for a new mortgage. It is a way to Gift Equity to a family member/domestic partner so they can show enough equity to avoid PMI. I am currently working 2 of these scenarios. Feel free to call me with any questions you may have. 614-310-7520

Sep 17th 2012
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TERENCE WILLIAMS (terence)
#31 ranked lender in Massachusetts - 1 contribution

Yes if it's a FHA loan

Sep 17th 2012
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