GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
A home is one of the most common assets people pass down to their heirs or beneficiaries.
However, inheriting a housewith a mortgagecomes with its own set of challenges.
Many people inherit assets through probate or alast will and testament.
Here are your main options if youinherit a home with a mortgage.
Thats why its crucial to seek the help of an estate attorney.
Timely payments give you time to decide what to do with the house.
get in touch with the mortgage servicer or lender to inform them about the deceased.
Theyll likely request the death certificate copy and will.
Once they verify the information, the lender can disclose the deceaseds mortgage balance and the monthly payments.
However, going this route means youll be liable for the mortgage payments, insurance and taxes.
Plus, youll be responsible for the ongoing maintenance of the house.
Sell the House
Another option is to sell the property.
Alternatively, you’re able to sell the house to flush the loan and keep the remaining proceeds.
More From GOBankingRates
Share This Article:
