QUESTION
I don't have enough insurance to pay off my house when I die. I would like to leave it to a non family member how does that work with a mortgage?
Asked on Mar 09th, 2021 on Estate Planning - Missouri
More details to this question:
Will my house to a non family member. I don't have insurance to pay it off. How will that work with a mortgage?
1 ANSWER
2 Awards
The person who inherits the home would take it subject to the mortgage. If the lender choose to rely on that person's credit, he may pay off or refinance the mortgage. If not, the home will be foreclosed on to pay off the mortgage. Be sure to specify whether you want any proceeds which may be realized after the sale to pass to that person.
Answered on Mar 10th, 2021 at 5:12 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.