Having my name added to the title

[garciaannemarie]

What is the name of your state (only U.S. law)? Florida.
hello. My parents purchased the property that I live in with the sole purpose of giving it to me. I am the one that makes the mortgage payments on the house. The reason why it was not purchased under my name is because my credit wasn't that good and because I am a single mom with limited income and I also receive assistance from Medicaid for my daughterh. I have been hesistant to add my name to the title is because I don't fully understand how that would benefit or affect me. I would like to know if by having my name added to the title that would affect me in any way. If the mortgage is only in their names I would only be there as part owner?. Also do any additional taxes need to be paid if my parents add me to the title?

[Blue Meanie]

Originally Posted by garciaannemarie

What is the name of your state (only U.S. law)? Florida.
hello. My parents purchased the property that I live in with the sole purpose of giving it to me. I am the one that makes the mortgage payments on the house. The reason why it was not purchased under my name is because my credit wasn't that good and because I am a single mom with limited income and I also receive assistance from Medicaid for my daughterh. I have been hesistant to add my name to the title is because I don't fully understand how that would benefit or affect me. I would like to know if by having my name added to the title that would affect me in any way. If the mortgage is only in their names I would only be there as part owner?. Also do any additional taxes need to be paid if my parents add me to the title?

You would need to report the property ownership to Medicaid. The state doesn't like to (and shouldn't be) picking up the tab for people that they perceive can afford to pay for their own medical insurance. As it stands now you are a renter. The "mortgage payment" you are paying is actually (legally) rent. Nothing more.