bankrate.com ... this article explains what you probably need to know. There seems to be a federal minimum rate (which varies by the amount and term of the loan), which must be charged before it's considered a gift. There may be a way around it, however.
It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.
No. The reverse mortgage must be paid off first.
Title to real property is transferred by a deed. The owner must execute a deed that names the family member as the grantee. The grantee is the new owner. If there is a mortgage on the property a transfer may trigger a "due on transfer" clause and the lender can demand full payment of the mortgage. There are many legal consequences that result from transferring title to real property to a family member. The property will become vulnerable to their creditors. The family dynamics may change. The grantor may want to reserve a life estate. You need to consult with an attorney who specializes in real estate law and also has expertise in estate planning who can review your situation, your needs, your reasons for proposing the transfer and the legal consequences. Once you have been fully informed of your options and the consequences you can make an informed decision and the attorney can draft the proper documents.
No, you cannot legally get a gift of equity from a non family member. A gift of equity always has tax consequences, such as capital gains.
Generally: If you signed a promissory note the family member can sue you and obtain a judgment lien. Once recorded you cannot sell or mortgage the property until the lien is paid. Your family member cannot take your home unless they recorded a mortgage in the land records that reserved the right to foreclose. If they foreclose, they would take the property subject to the mortgage and would need to make the mortgage payments.
Of course they can. Anyone that you permit may live in your house.
The lender is free to consider whatever prospective assets it wants to when making a loan. The family member wouldn't be able to mortgage the property until they had title to it.
You need to report the sale. The deed needs to be reported, the taxes evaluated and their may be income tax consequences.
No. The bank owns the mortgage and you have no such control over it. Some lenders will allow a family member who inherits property to assume the mortgage but that's their call. You should read through all the documents you signed when you granted that mortgage looking for any language in the mortgage that mentions assumption by heirs. Otherwise, call the bank and ask about its policy.
Quit claiming title to a family member will not avoid foreclosure because the mortgage lien on the property has not been satisfied and the lender has a claim on the property. It will not cause the foreclosure proceedings on the property to cease and the lender will seek a judgment from the civil court.
A baby of the family is either the youngest member of the family, or a member of an immediate family who is treated as if he or she is the youngest member of the family.
fix the relashionship with that family member