Question about closing/ Title language?

[EaglesFan2006]

Going through a ReFi and got the email to schedule closing. I’m confused by the language here:

“Name ABC, a married man, joined by spouse, ABCABC, their non-titled spouse signing to waive homestead/marital rights only.”

I’m the only one on the mortgage … is this standard language in a situation like this? Just want to make sure my wife wouldn’t be signing away any rights if something happened to me. I live in NJ so I believe she has protection there but just want to be sure. I called the lender and they said this is how my title currently reads

[ShanetheMortgageMan]

If you are asking if that is a way you can hold title, then yes.  But saying it's "standard" is subjective. 

The two most common ways to hold title in NJ are "tenants in common" and "joint tenants with the right of survivorship".  Your lender only knows what ways are acceptable to underwriting, which should pretty much anything except for "tenants in common".  If you want advice on how to hold title you can ask the title company or closing attorney that is involved, or if no attorney is involved then you can consult one of your own choosing, or you can just google "Ways to hold title in New Jersey" and I see there are several attorney websites that describe the differences.

As a loan officer I never advise my clients how to hold title, but I'll let them know the different ways I've seen it and encourage them to do their own research, as this qualifies as legal advice and I am not their attorney.

[EaglesFan2006]

Thanks, still don't fully get it but I'll ask the title company I guess

basically just want to know that if I die she still has a right to the house and all

[ShanetheMortgageMan]

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@EaglesFan2006 wrote:

basically just want to know that if I die she still has a right to the house and all

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No prob.  That's a great reason to ask the title company so you can be certain you are getting accurate feedback.  Here in California a lot of my clients hold title as "Joint tenants with right of survivorship" which from my understanding means when one of the joint owners dies, their share automatically passes to the surviving co-owner.