No, if you own a house outright with no mortgage, you do not have to pay a mortgage on it.
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
You own it and no longer need to pay a mortgage. You get the deed to the house and are free to do whatever you want to.
if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.
One can buy a house with no mortgage if they are wealthy individuals who do not need loans to pay off a house. They usually pay the full amount of a house in cash.
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
basically a motgage is the "pay" for your house. you pay the mortgage. its just a word that stands for what you pay to own your house.
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
You own it and no longer need to pay a mortgage. You get the deed to the house and are free to do whatever you want to.
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 house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.
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.
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
One can buy a house with no mortgage if they are wealthy individuals who do not need loans to pay off a house. They usually pay the full amount of a house in cash.
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
A joint mortgage is executed by two people who own real estate. Each is responsible for paying the mortgage in full.A co-signer has no ownership interest in the property but they have agreed to pay off the mortgage if the primary borrower fails to pay. In other words, they agree to pay the mortgage for property they don't own.