My mortgage note is in my name only. Could I use a qualified assumption instrument in lieu of refinancing in order to include my current wife’s name on the mortgage note?

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My mortgage note is in my name only. Could I use a qualified assumption instrument in lieu of refinancing in order to include my current wife’s name on the mortgage note?

I recently refinanced my home at a lowered interest rate. The mortgage note is in my name only and I would like to include my current wife’s name on the note in order to preclude her from being required to refinance the loan upon my death. The mortgage company informed me that the only way I can add my wife’s name to the note is to refinance the loan once more. The mortgage company did inform me, however, that I could use a qualified assumption instrument to accomplish the same objective. Is this a recommended option?

Asked on March 16, 2012 under Estate Planning, Oklahoma

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From a practical matter, assuming you pass before your wife and so long as she is current on the mortgage, I see no real reason to worry about the need for her to refinance the loan upon your passing. However, you might consider creating a trust for estate planning purposes and transfer the property into the name of the trust that you are writing about.

So long as the mortgage is being paid for the trust asset by a person named under the trust, there should be no problem with the lender. I suggest that you consult further with a Wills and trust attorney about the desired vehicle to accomplish your goal.


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