{"id":39545,"date":"2024-04-26T21:09:39","date_gmt":"2024-04-27T04:09:39","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=39545"},"modified":"2026-04-21T09:01:16","modified_gmt":"2026-04-21T16:01:16","slug":"can-you-transfer-a-mortgage-to-another-person","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/can-you-transfer-a-mortgage-to-another-person\/","title":{"rendered":"Can You Transfer a Mortgage to Another Person? A Homeowners Guide"},"content":{"rendered":"

Whether planned or unexpected, life changes may have you pondering, “Can you transfer a mortgage to another person?” It’s a relevant question, especially in times when mortgage interest rates and home prices are high.<\/p>\n

Whether you’re considering a transfer to a family member in a better financial position, dealing with the intricacies of a divorce, or facing the somber task of managing a property after a loved one’s passing, a mortgage transfer \u2014 or allowing someone to \u201cassume<\/a>\u201d your mortgage \u2014 may be the solution you’re looking for.<\/p>\n

In this guide, we’ll review what it means to transfer a mortgage, helping you make informed decisions about your home loan or home sale.<\/p>\n\n\n\n\n\n

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Partner With a Top Agent Familiar with Mortgage Transfers<\/h3>\n

Whether it’s to speed up your home sale or transfer your property to a family member, HomeLight can connect you with a top-performing local real estate agent who understands the ins and outs of assumable or transferable mortgages.<\/p>\n \n

\n Get Started<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n
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What does it mean to transfer a mortgage?<\/h2>\n

Transferring a mortgage, simply put, means passing the responsibility and rights of your home loan from you to another person. This is also referred to as \u201cassuming\u201d a mortgage. This process involves a new borrower taking over the existing mortgage under its current terms, including the remaining balance, interest rate, and repayment period. It’s not about creating a new mortgage but rather handing over the reins of the existing one.<\/p>\n

By transferring a mortgage, the original borrower is typically released from their obligations, while the new borrower steps into their shoes, assuming all future payments and liabilities. This arrangement can be particularly appealing in times of high interest rates, as it can allow the new borrower to benefit from the potentially more favorable terms of an existing loan, rather than securing a new, higher-rate mortgage.<\/p>\n

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Is my mortgage transferable?<\/h2>\n

Determining whether your mortgage is transferable largely depends on the type of loan<\/a> you have.<\/p>\n

\u201cThere are certain mortgages that are not assumable [transferable],\u201d says Eric Broesamle<\/a>, a top Michigan real estate agent who has been helping homeowners for more than 20 years. \u201cThat’s something that you would need to find out first.\u201d<\/p>\n

Here\u2019s a list of common mortgage types and their potential for transfer:<\/p>\n