Legal Question in Real Estate Law in Wisconsin

Re: mortgaged home

Most mortgages have a "due on transfer" clause, meaning you would need your mortgage lender to approve any transfer or you would become obligated to immediately pay the lender off. In addition, you would need to consider gift tax ramifications, if the equity you are transferring exceeded the annual exclusion. Also, if you continued to live in the property, it may not be a completed gift, since you were not giving up control. This could affect such things as qualifying for Title 19, etc. You really should see an attorney and explain the reasons why you are contemplating this change and get some advice as to how to do it without creating more problems than you solve.