Worried About Granddaughter

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Expert, localized Los Angeles answers provided by Heather Roy

Worried About Granddaughter
	Dear Ms Lank: First of all, I am 80 years of age. I lived alone for 20 years in a large Victorian house and a couple of years ago mentioned to my granddaughter (who had spent a good deal of her childhood there and had fond thoughts of it) that I would probably have to sell the house and move into something with less maintenance.She then offered to move in with me, along with her husband and little boy. Everything was great until she had her second child.Even though the house was large no one had any privacy. I would go to bed early so they could have some time to themselves.Finally, last September we decided to buy a two-family house. Actually, I bought the house so the mortgage is in my name only. I would like to make sure that when I pass away, they can continue with the existing mortgage without having to start all over again. Can I put her name on the mortgage without a whole lot of red tape and without engaging a lawyer? They are so expensive. I'm sure there would be costs incurred but having a lawyer would up the expense 100-fold.Please let me know what your thoughts are.Perhaps you have a better solution.

	You can talk the matter over directly with your mortgage lender. Most banks don't call in a mortgage when property is inherited by a spouse.Ask if it would be the same with a granddaughter. You should talk with a lawyer, though, to double-check that ownership of the house will really go to your granddaughter with no problems.
	Edith Originally published on August 6, 2006

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