Quit Claim Deeds in Florida
Category: Family and Home > Seniors
Asked by: g89315-ga
List Price: $2.00
10 Nov 2006 17:53 PST
Expires: 10 Dec 2006 17:53 PST
Question ID: 781772
My parents own a condo in Florida. They filed a quit claim deed giving me the property after they are deceased. My question: Can they still use the property as a means to obtain a loan? (The condo is paid for.) And can they sign up for one of those reverse mortgages that pays them to live there?
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Re: Quit Claim Deeds in Florida
From: cynthia-ga on 11 Nov 2006 12:47 PST
Technically they still own the property and may do with it what they like, including a reverse mortgage. Upon their death however, the title will not be clear until your parents' estate (or you) pay off any loan against the property.
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