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Q: Quit Claim Deeds in Florida ( No Answer,   1 Comment )
Subject: Quit Claim Deeds in Florida
Category: Family and Home > Seniors
Asked by: g89315-ga
List Price: $2.00
Posted: 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?
There is no answer at this time.

Subject: 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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