Home Equity and Refinancing

Sister and you own a house joint tenantship If she dies is the house paid off?

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October 13, 2007 7:00AM

No, the joint tenancy only refers to the deed. You would have to rearrange the loan, perhaps by refinancing it. This is something you both should discuss. One possibility is for you each to buy term insurance in the amount of the outstanding mortgage so that the survivor could pay it off.