My elderly grandmother is buying a home with a 30 year mortgage, what happens when she passes away?

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My elderly grandmother is buying a home with a 30 year mortgage, what happens when she passes away?

my grandmother is 86 and she is getting a 30 year mortgage to buy a home. I am giving her the money for the downpayment and I am also being put on the deed. What happens to the loan and the home when she passes away?

Asked on May 24, 2009 under Real Estate Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The loan remains in place and if your are on the deed as a joint tenant with right of survivorship, you typically inherit the property by operation of law, subject to the lien of the mortgage and any tax liens and then YOU have to pay the mortgage.

You really should speak with someone about this transaction as unless you are "on the deed" properly you may be unprotected and find yourself with "partners" you were not aware of.


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