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I have been told that is no longer allowed since the most recent reform in the mortgage industry. If there is a mortgage, then everyone on the title goes on the mortgage.
I guess it makes sense since the property itself is collateral. One shouldn't be able to use some property as collateral for a loan if you don't own it in its entirety... or at least the risk is higher for the lender since they would have to deal with others on the title in the case of foreclosure.
It isn't risky for me at all. I would have to pay some sort of rent wherever I lived so why not here in fact I do a lot better with my SO than anywhere else to be quite honest I refuse to ever marry again and lose my late husbands pension so I have plenty of security so not sure where my risk is at all. I am concerned about moving from MA to SC though since this is new to me, but this is one reason why I'm glad I'm not the one buying the house I could take off if I chose to. My SO will have a job and a mortgage I don't have either of those things anymore.
So essentially, your SO is buying the house and you're just living in it? He's paying all the bills? I think he gets to have the greater say then. Mom should keep out of it (unless she will be moving in as well). If things go sour however, you could potentially be left with no place to stay.
Please help me pick a house together! My SO and I are moving to Charleston SC and we need to find a house or apartment which seems fun, but, it is hard!! He is buying it since I went through a bankruptcy when my husband was deep into his drinking we had to pay all his lawyers instead of bills. Help me compromise and give advice for those that have done it before.
My last question is how much input should I let his mother have? I actually want her to have zero......
No I don't think his mother should be involved, unless she is pitching in financially. The most important thing for my husband and me was patience& compromise. I'll never forget when my husband (who would only look at houses with a finished basement for a man cave) told me I needed to lower MY standards because I wanted 2 bathrooms. We stayed patient & eventually found the perfect home for us (but no man cave. Poor hubby)
It isn't risky for me at all. I would have to pay some sort of rent wherever I lived so why not here in fact I do a lot better with my SO than anywhere else to be quite honest I refuse to ever marry again and lose my late husbands pension so I have plenty of security so not sure where my risk is at all. I am concerned about moving from MA to SC though since this is new to me, but this is one reason why I'm glad I'm not the one buying the house I could take off if I chose to. My SO will have a job and a mortgage I don't have either of those things anymore.
Well...I begin to see why Mom's input might be welcomed. You aren't investing much at all....Is this by chance an internet romance? Where does he live now?
Ok....I will do that. My SO is very willing to please. I didn't know you could do that without putting money down. He is concerned about how I will inherit his military pension without us being married so I guess this is a good thing to do then. We are filling out living wills and medical stuff together on the military base.
I do not think that you can inherit his military pension if you are not married. And, Medical?? Not sure you can be put on his medical without marriage either..
And...if he has been married and divorced....His ex will get her share, QDRO when he retires. So, don't start your happy dance just yet. Do your due diligence...
I do not think that you can inherit his military pension if you are not married. And, Medical?? Not sure you can be put on his medical without marriage either.
There are ALL KINDS of things you're not eligible for if you have a military SO versus a military spouse. You absolutely can't be put on his DD-214 or covered by Tricare unless you are a dependent, and SOs don't count. There are also bases (not all, but many) you won't even be allowed on without a dependent ID, and girlfriends don't get dependent IDs, only spouses and kids.
Navy spouse, here, and former Navy girlfriend/Navy fiancee.
Well...I begin to see why Mom's input might be welcomed. You aren't investing much at all....Is this by chance an internet romance? Where does he live now?
No, this is absolutely not an internet romance. It is all in person face to face although we do text a lot when he is at work. We even met for the first time in person not on a dating site....LOL His mother has totally zero financial in this house in face my SO owns half her house. I ask because she is mentally ill and has huge issues, but, that is a whole other thread so let me leave it at that.
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I refuse to ever marry again and lose my late husbands pension so I have plenty of security so not sure where my risk is at all
His mother has totally zero financial in this house in face my SO owns half her house. I ask because she is mentally ill and has huge issues, but, that is a whole other thread so let me leave it at that.
