Marital Rights for Same Sex as it Relates to Mortgages
7.13.15
The recent nationwide decision made by the Supreme Court to legalize gay marriage certainly has its effects over various laws across the country, as well as those relating to real estate ownership. Couples now have more options than ever before making it more accessible for them to buy and own a home.
According to a quote from Gary Boyer in Bonnie Sinnock’s article, “What Gay Ruling Means for Mortgages, “It actually clears up a lot of issue with title. One of the biggest issues for couples was ensuring that their significant other would inherit the house and unless title was stated in a very specific way, it was challenging before."
Now couples can have a more peace of mind that there are options available to them whereas before they may have dealt with issues in tenancy in common arrangement, each individual owns an undivided 50% of the property, and if one person dies, the other person’s ownership would go to that person’s heirs, and not to the other owner. Now married same-sex couples will be able to own the property as its entirety, which before would not have been an option for them.
This will also affect how VA loans are serviced. What was once previously denied to same-sex married couples, are now making it eligible for them to receive those VA benefits including home loans, and medical services.
Sources:
http://www.bankrate.com/finance/real-estate/same-sex-couples-real-estate-law-1.aspx