My 86 year old father holds the mortgage on the home he lives in with my sister. When he passes away can she?

continue to live in the home if she makes the payments?My 86 year old father holds the mortgage on the home he lives in with my sister. When he passes away can she?
Have an attorney draw up a will for your father. You need to have everything in writing, otherwise the courts will divide up the estate as it sees fit when your father passes away.


Since there is more than one relative, each of you is an heir and will be considered an equal inheritor. But it may take months to determine that and a will can avoid the hassle.My 86 year old father holds the mortgage on the home he lives in with my sister. When he passes away can she?
No, she would have to 1.) be willed the home or 2.) be put on title. She needs to be on title, NOW, because if your father does pass away, she will need to refinance the home into her name and the lender will not do that if she is not on title, so add her to title NOW, or she may be faced with problems staying in the property if he passes.
Sure. Why not? If all the people that inherit an interest in the house agree to it then there is no problem. If the heirs want money instead of a piece of real estate then things can get sticky.


One other possible complication is the lender. They may try to call the loan upon your father's passing. If he is the only person on the mortgage note then I am not sure what will happen. The obligation will pass to the estate but after that, again the heirs are going to have to figure out what to do.
if she wants permanent access to the property, have the title deed names changed while hes still alive, the paperwork will be much easier, the taxes and assessments will change as the names are changed, but thats a small loss as compared to the entire property
I think it goes into probate, so no. There is a special way the deed can be written that can allow her to keep the property. Sorry, it has been a few years since I studied that.
yes. but remember that the house must go through probate at the court level in order to maintain a proper chain of title and that it is recognized by the bank
Your 86 year old Dad STILL pays house payments? How sad.