Agent

Adding boyfriend’s name to mortgage may be unwise

Tax savings not the same as holding title
Published on Sep 9, 2004

DEAR BOB: How can I get my boyfriend's name added to my home mortgage? We have been together about 30 years. He is 67. I am 57. Can you help me? – Gertrude C. DEAR GERTRUDE: Your letter is very unusual. I often hear from ex-wives and ex-husbands who want to get their ex-spouse off the title to a property or off the mortgage obligation. Purchase Bob Bruss reports online. Frankly, I can't think of any valid reason why your boyfriend's name should be added to your mortgage obligation to your lender (unless you have some ulterior motive). If your boyfriend wants to be able to claim income-tax deductions for mortgage interest and property tax payments he pays, it's easy for you to sign and record a quit claim deed giving him a partial interest in your home. Then he can claim deductions for the interest and property taxes he pays. He doesn't need to be legally on the mortgage obligation to claim such deductions if he is on the title. For more details, please consult a local real ...

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