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inquirer | My parents have a mortgage for our house. Will I inherit that mortgage, im the only child? |
Additional Details
Thanks a lot for the answers all!
Very enlightening!
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hunter2
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Unless they have mortgage insurance, you will not inherit the mortgage you will only inherite the proceeds from the sale of the home. The are not likely to just allow you to step in and start making payments, it just doesn't work that way.
Many mortgage insurance policies aren't worth the paper their printed on. Get a professional insurance agent involved in reviewing the policy, and of course it will only pay off the mtg. once both parents are deceased.
Usually once one parent dies the survivor wants to sell and move from old memories and too large a home etc. |
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Amanda H
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No. It is the responsibility of the estate to pay off the mortgage. However, if what you want is to inherit the home and you are the only heir, you woudl have to get your own loan to pay off the total amount due to the estate/balance of the original mortgae. Instead of inheriting the money from the sale, you inherit the equity and then just owe whatever your parents owed. |
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RE Broker
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Only if you inherit the house. |
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CanadianBlondie
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The mortgage is attached to the house. You wouldn't "inherit" the mortgage, but in order to transfer the title, that mortgage would have to be taken care of. Often, but not always, there is mortgage insurance that will pay off the mortgage in the event of the death of either of your parents. |
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BCMEDIC
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They probably have mortgage insurance. That will pay off the mortgage. |
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pincapchew
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Not unless your a co-signer which i highly doubt as much. |
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Ken
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If you inherit the house and it's still mortgaged and there's no mortgage insurance, you will have to get your own mortgage and pay off the one that used that house as security. |
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scottFL007
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No, not really. Mortgages are not "inherited". But the estate will be left with the equity in the house, and if you inherit that house, you'll either have to sell it and keep the equity after paying off the mortgage, or refinance the mortgage in your own name. So, effectively, the mortgage will still be in effect, but the estate has to pay it off one way or another before the house can be transferred to you. |
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g v
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It depends on how your parents have the mortgage set up. If your name is on the property you will inherit the motgage but if its not then they may just inherit the house and they have it in there will where they house may be paid off after death |
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