Question on Real Estate Titles (California)

[casirback]

What is the name of your state? California

I have been living with my boyfriend for over 14 years in his home. The mortage on the home was paid off several years ago but he now has a $50K home equity loan. With the house valued at approximately $500K, we are looking at refinancing the home equity loan to the amount of $100K with me as the cosigner since I am making much more money.

Question is what would be my options to ensure my interest in the home? My boyfriend has a will in place that allows me to inherit the home in the event of his death. Do I need to have my name on the title or will a living trust be sufficient for my needs? What implications are there since I will be cosigning the home equity refi?

Thank you for your assistance...

[FlyingRon]

Unless you have been deeded interest in the house, there's no practical non-revocable way to protect your interests there.

A will and/or living (i.e., revocable) trust can be changed at the whim of the trustee (typically your boyfriend).

Do you know that a cosigner isn't a character reference. It's a promise to pay 100% of the debt?

[casirback]

Hello Flyin Ron,

Thank you for your response. Yes, I am aware that I would be responsible as the co-signer for the entire loan should my boyfriend default on the loan. Is adding my name to the title the same as getting a deeded interest? What type of deed would I need?

Thank you again for your help...

[FlyingRon]

Your best bet would be to have him sign a warranty deed transferring ownership to you. There are some CA options (it's not tenants by the entiretly, but it's along those lines...some californian will come buy) but I don't know if they apply if you are not married.

[casirback]

I spoke with our local county recorder's office and they recommended joint tenancy since it would satisfy our needs and would not require a reassessment of the property. Would this work for us?

[divgradcurl]

Joint Tenancy with Rights of Survivorship would certainly protect your interest in the property.

[casirback]

Hello Flying Ron and DivGradCurl!
Thank you both for your help on my question... This looks like the path we will be pursuing.