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Transferring a Home Plus Loan to a Beneficiary

If you want to give a home or real estate that is not fully paid for to a beneficiary (before your death) who will then continue to make the payments, you will need to have an assumable mortgage. With this type of mortgage, the person who is the beneficiary is known as the grantee-purchaser, since they are continuing to purchase the property and so taking over the mortgage on the same terms as the original purchaser.

The lender, who may charge an assumption fee, must approve the new borrower and the title deeds need to be transferred to his or her name. If the mortgage is foreclosed then the grantee-purchaser is liable. They must pay the full amount owed, whether the sale of the house covers it or not.

An assumable mortgage can be used by anyone who buys the real estate, of course, not just a beneficiary. If your mortgage contains a due-on-sale clause then the mortgage is not assumable and you will be required to pay the full amount still owing when the property is sold.

If you transfer the Title to a beneficiary - or anyone else - or even just add their name to it, you will lose control over the property and they may be able to force you out or do things to the property without your approval. This can happen even though you are still liable to pay the mortgage.

Look for home loan products online learn about the Sydney Home Loan market at http://www.quickdirect.com.au/Content/Products.aspx

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