What does a non-borrowing spouse mean?
Non-Borrowing Spouse means the spouse, as determined by the law of the state in which the spouse and Borrower reside or the state of celebration, of the Borrower at the time of closing and who is not a Borrower of the HECM loan.
Is spouse responsible for mortgage?
If you and your spouse own your house jointly, the responsibility for the mortgage will pass to your surviving spouse. Your surviving spouse, who will now be the sole owner of the house, will also be responsible for the entire mortgage.
Can spouse be on title but not mortgage?
The title doesn’t have much to do with the mortgage. … You can put your spouse on the title without putting them on the mortgage; this would mean that they share ownership of the home but aren’t legally responsible for making mortgage payments.
Does a non-borrowing spouse receive the closing disclosure?
There are no definitive signature requirements under TILA, so signature of the non-borrowing spouse on the Closing Disclosure would be at the creditor’s discretion or applicable state law.
What documents are typically signed by the non-borrowing spouse?
Non-borrowing spouses are required to sign the Mortgage, CD and Right of Rescission (if applicable).
Can someone be on the loan but not the title?
Legally, at least one borrower must be on the title deed to qualify for a mortgage loan. However, most mortgage lenders prefer that all borrowers appear on the title. … However, mortgage borrowers that are not on the title deed become guarantors, not co-borrowers.
Is my husband entitled to half my house if it’s in my name?
Your spouse is not entitled to half of the house simply because he or she made payments on the mortgage principle. Your spouse is entitled to a reimbursement for half of the principle pay down during the marriage (i.e. date of marriage to date of separation).
When a husband dies what is the wife entitled to?
California is a community property state, which means that following the death of a spouse, the surviving spouse will have entitlement to one-half of the community property (i.e., property that was acquired over the course of the marriage, regardless of which spouse acquired it).
When a spouse dies Who gets the house?
Many married couples own most of their assets jointly with the right of survivorship. When one spouse dies, the surviving spouse automatically receives complete ownership of the property. This distribution cannot be changed by Will.
What happens if my wife is not on the mortgage?
Not on the Mortgage
If the wife isn’t named on the mortgage, she can still make payments on it. However, she won’t be able to contact the loan company if there are any discrepancies such as a payment that doesn’t get credited. She also won’t be able to ask about changes to the escrow impound account.