A
female
age
51-59,
*hiShisAdvice
writes:Mortgage lender told my hubby to NOT put my name on the title of the home, just put it in his will. That does not sound right, is this normal advice?So once again, we are having relationship problems when I thought we had worked it all out.What do you think? Shall I let it go, or will this be a problem if anything happens to him. I think I will have a struggle aquiring the home if my name is not on the title.This is really unethical advice the mortgage lender has given. Reply to this Question
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female
reader, ShiShisAdvice +, writes (27 October 2011):
ShiShisAdvice is verified as being by the original poster of the question Thanks for all of your answers, but "Double Jack" is the best response. I am talking about the Deed/Title. Not the mortgage loan. I am talking about the legal title of the home. No one expects anything to happen to them in life, but yes, it can change just-like-that! We are approaching 50 and my interest is at stake and the money I am putting down on the home. We have no children, and I have to make sure the courts won't toss me out. Thank you all for your advise.
A
male
reader, JustHelpinAgain  +, writes (25 October 2011):
There may be a tax advantage if you have your name on the deed and your husband dies. If you are getting a big mortgage then it doesn't make much difference. If something happens to your husband then the lawyers bills would probably consume any asset value you had in the house and on top of that you would need an income big enough to remortgage. The one thing that marriage still means is that you share your worldly assets so you would get your share, if that is what you are worrying about.(unless there is a pre-nup in which case a marriage is pretty meaninless).Do you expect you husband to die or leave you? You are showing a lack of confidence in him, and showing it to him as well, which won't make him feel great, especially if he is going to be the one lying awake at night wondering how to pay the mortgage.
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A
male
reader, anonymous, writes (24 October 2011): I would assume you have bad credit. You may not even qualify for a mortage if your social is run and home insurance has to match the names on the mortgage so insurance companies may not even cover your home or charge you outrageous premiums if your name is on there. I doubt it's some big conspiracy against you, just a way for the lender to get you into a home. You should probably check this stuff out before you take it out on your relationship.
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A
male
reader, doublejack +, writes (24 October 2011):
There are two different issues here to be addressed.1. The deed to the home. This is the document that defines who actually owns the property. Since the two of you are married, in the majority of situations both of your names should go on the deed. The exception would be if the house is being purchased with assets that belong to your husband, such as money he owned before the two of you were married. If that is not the case then both of your names should be on the deed.2. The mortgage itself. This is a legal contract between a lender (the bank) and a borrower (the homeowner), and it specifies who is legally responsible for paying the monthly mortgage payment. It doesn't not have any affect on the actual ownership of the property. If your credit is poor and your husband's is good, then it is to your advantage to keep your name off the mortgage, since he may qualify for a lower interest rate on his own. Furthermore, it can be a sound strategic decision to "protect" one spouse's credit by only putting the other spouse on the mortgage. Should the loan go into default, only the spouse on the mortgage will suffer the credit hit.If the broker is suggesting keeping your name off the mortgage, but not off the deed, then it is probably for one of the financial reasons I pointed out. If that's the case then I don't see any issue with the suggestion, and in fact it may well be the right course of action. If, however, the advice is to keep you off the deed (or the deed and mortgage) then I'd definitely question the reasoning behind it.Best of luck!
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A
female
reader, Tisha-1 +, writes (24 October 2011):
 The reason I ask is if you have bad credit, you may wind up paying more for the mortgage. In some ways, it's better for you not to be on the mortgage, but on the deed, because it means you have rights to the house without the financial responsibility of the mortgage.
This situation happened to my brother; his ex was not on the mortgage but was on the deed and she wound up with a settlement from him after they split, after not putting in one dime of her money in the house.
I think you are getting all wound up for no good reason, personally.
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A
female
reader, Tisha-1 +, writes (24 October 2011):
How's your credit?
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female
reader, masquerade711 +, writes (24 October 2011):
 I'm not sure on the exact legalities of it in the US, but in Canada, if you are married to someone and they own a house, the house legally belongs to you as well automatically.I would suggest talking to another mortgage lender. This doesn't sound right to me.masq
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female
reader, eyeswideopen +, writes (24 October 2011):
 Were you there when he told your husband this?
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female
reader, So_Very_Confused +, writes (24 October 2011):
 Name should be on the deed and the mortgage if you are married.
I plan to add my boyfriend to my deed when he becomes my husband.
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A
male
reader, CaringGuy  +, writes (24 October 2011):
I think your name needs to be on the deeds to that house. Sounds like the mortgage lender has given bad advice there - it's suggesting that if you two split, he'll possibly get more of the house or something.
Get your name on the deeds.
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