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The mortgage is still attached to the property. An heir can take over any interest in the property, as assigned by the probate court, but the heir will need to secure financing to cover the amount of money owed on the mortgage(s). If you're asking whether the mortgage goes away, no, the debt remains attached to the property until the debt is satisfied. Some banks offer "Credit Life" insurance which covers the mortgage, but it usually costs extra.
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∙ 17y ago
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If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
If a person has a reverse mortgage and dies then how long do heirs have to pay off the mortgage?
The heirs must discuss that with the lender.
What happens when a person drowns?
the person dies
What happens to mortgage when the only person on the title dies and is survived by a minor child in the state of Florida?
The estate is responsible for clearing the mortgage. They will either pay it off, or more likely, sell the home, pay off the mortgage and put the remainder into trust for the use of the minor.
What happens if part of the heart dies but the person doesn't?
When the heart dies the person is dead.
What happens when a co-signer on mortgage dies would the estate for the co-signer have to pay off the mortgage?
if your on the title be prepared to take over the payments.
What happens when a person with a Will dies and their property is subject to a mortgage?
The mortgage must be paid if the heirs wish to keep the real estate. The decedent conveyed an interest to the lender and if the mortgage isn't paid the lender can take possession of the property by foreclosure. You should discuss the situation with the attorney who handles the estate.
What happens to property with a mortgage when the owner with a will dies?
The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.
What happens to a mortgage when the owner dies and has children but no will and no insurance to pay off the mortgage?
The estate must be probated. Either the children need to pay the mortgage or the bank will take possession of the property by foreclosure.
