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Is the mortgage on a house pay off upon death?


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Answered 2012-09-12 11:51:45

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.

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Answered 2012-09-12 11:51:45

No. Not unless there was some type of insurance in place to that effect, either mortgage insurance of a life insurance policy.

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If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.


Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.


Yes. However, upon any change in title or the death of the owner the mortgage must be paid off.


Impossible to say if mortgage life insurance will yield a higher payout upon one's death than a regular life insurance, it depends upon the face amount of each policy in-force at the time of death. If both death benefits are equal, then one is no better than the other.


It is difficult to translate that clause without reading the entire section . Generally, a note and mortgage must be paid off upon the death of the mortgagor. If the heirs want to keep the property then they must pay off the mortgage. If they cannot or decide not to then the mortgagee will take possession of the property by foreclosure. Some lenders allow the heirs to assume the debt as long as it does not go into default.


The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.


No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.No. The bank owns the mortgage and when you signed it you agreed to pay the full balance upon any transfer of the property. You must pay off the mortgage from the proceeds of the sale.


PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.


Mortgage insurance protects a homeowner in one of two ways depending upon what type of insurance it is. Mortgage insurance is one of two types. Mortgage life insurance pays off the mortgage in the event of death. Payment protection covers job loss or disability of homeowner.


If you signed a mortgage, your name won't come off until the mortgage is paid off.


To do this you have to pay of the mortgage for your house. Then, if you go to Tom Nook's shop he will talk to you about paying off your mortgage and you will be able to upgrade your house. This will come with a bigger mortgage. If you pay off this mortgage you will be able to upgrade again. You can repeat this cycle a few times until your house is fully upgraded. This may take a while.


The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.


The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.


Homeowners insurance does not provide any coverage for paying the mortgage payment - it only covers damages to the house itself. For coverage to pay off the mortgage in case of illness, accident, or death, you need disability coverage and/or life insurance. Disability coverage will generally pay a monthly benefit for as long as you are unable to return to work due to injury or illness, while life insurance pays a lump sum to your beneficiary upon your death.



Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage


You "can" pay off the reverse mortgage at anytime. You simply pay the bank the current balance of the reverse mortgage. There are different ramifications depending on the structure of the reverse mortgage. The largest portion of the cost of a reverse mortgage is in the closing costs and the accrued interest over the years. The interest only accrues at the agreed upon interest rate. Actually, upon death of the "Last surviving borrower" on the reverse mortgage there are three options. 1. If the Heirs want the home they can refinance it for the balance of the Reverse mortgage. 2. If there is equity, the heirs can sell the home, pay off the mortgage and jeep the overage. 3. If the Reverse mortgage has reached the value of the home ( or the non-recourse limit ) the heirs can simply walk away and owe nothing on the home. Also any other estate assets are protected from recourse. You can refer to hud.gov or aapr.org for more details.


Paying monthly mortgage is hard, and its not getting any easier I recommend going to the website below and maybe you will find your answer there. Read more: Keep the mortgage or pay off the house? http://www.bankrate.com/finance/mortgages/keep-the-mortgage-or-pay-off-the-house--1.aspx#ixzz1S03p1Mml


They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.


if the mortgage is in your name then keep paying it off. if the mortgage is in both names of you and your ex then contact the finantial institution for advise so you dont have trouble later down the track with your ex claiming half when the house is paid off.


Mortgage insurance protection comes in handy if you happen to lose your job or become disabled. If you die the insurance will pay off your mortgage as well. Basically it depends on how healthy you are and if you want the security of knowing your house will be taken care of if illness falls upon you. Mortgage insurance protection is not necessary.


If you have an outstanding mortgage on your property at the time of your death the lender will take the property if the mortgage isn't paid. You can purchase some type of mortgage insurance or life insurance to pay off the mortgage in the event of your death. Otherwise, your heirs will need to pay it if they want to keep the property.


The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.


The estate of the father is responsible for their share of the house. The home will probly have to be sold to pay debts and pay off the mortgage. It may also depend on how the property was deeded, she may inherit the home free and clear (along with the mortgage) on his death.


Fully pay off your mortgage with Tom Nook and he will upgrade your house.