Should your spouse be on the home mortgage too?

Should your spouse be on the home mortgage too?

Attorney Tom Olsen: Rita, you're on WDBO. Go ahead.

Rita: Good morning. Thank you for taking my call.

Attorney Tom Olsen: Sure.

Rita: My husband and I have been approved for a VA refinance to lower our rate.

Attorney Tom Olsen: All right.

Rita: Our loan officer said that I shouldn't sign the mortgage. I'd be on the deed, but not the mortgage.

Attorney Tom Olsen: All right.

Rita: My question is, if my husband passed away, could VA call that loan due because I'm not a veteran?

Attorney Tom Olsen: Technically, yes. From a practical answer, I don't think they would, but I'd still like you to be on the mortgage. Rita, right now you're on the deed, right?

Rita: Correct.

Attorney Tom Olsen: Why would they be telling you to not be on the mortgage too? Does it have something to do with your credit? Is it-

Attorney Chris Merrill: Or VA.

Rita: No, I have perfect credit. He said that-

Attorney Chris Merrill: The veteran.

Rita: -then I wouldn't have the liability of a mortgage.

Attorney Tom Olsen: I don't buy that, Rita. I don't buy that. Unless you're upside down-

Rita: I'm concerned too.

Attorney Tom Olsen: -in this house-- I'm sorry what?

Rita: No.

Attorney Tom Olsen: That's not a good reason for me, Rita. Unless you can tell me another reason why you should not be on his VA mortgage, Rita, I think you should be signing on there as well. If your husband passed away, you're on the mortgage. Also, if you're not on the mortgage, they may not call the loan due, but if your husband passed away and you called VA and said, "Hey, I have a question about my loan," they wouldn't even talk to you because you're not on the mortgage.

Rita: That's true. You're right. Good thought. All right. I appreciate your help.

Attorney Tom Olsen: All right, Rita. If there's something we've missed, you're welcome to give us a call back, but yes, I'd like to have you on the mortgage, Rita.