cchung1263
Junior Member
What is the name of your state (only U.S. law)? CA
My dad passed away last year and my mom has title on her home through joint common tenancy.
To assist her to refinance the existing mortgage and cash out for some home improvements, we are looking to refinance for $375,000 @4.375% over 30 years. The house has value over $510,000.
One of the siblings raised a good question that in the horrible event of my mother's death, how can we protect the property (from probate) and is there a way of keeping the loan. What we also want to avoid is having to refinance in the future upon her death at a higher interest rate.
We were considering on creating a living trust and living will. But I don't know if that also accommodates our concern about keeping the loan. Is there a recommended process such as to refinance, create a living trust, and transfer title of property into the living trust that would also keep the loan? Any suggestions? Your responses are greatly appreciated.
My dad passed away last year and my mom has title on her home through joint common tenancy.
To assist her to refinance the existing mortgage and cash out for some home improvements, we are looking to refinance for $375,000 @4.375% over 30 years. The house has value over $510,000.
One of the siblings raised a good question that in the horrible event of my mother's death, how can we protect the property (from probate) and is there a way of keeping the loan. What we also want to avoid is having to refinance in the future upon her death at a higher interest rate.
We were considering on creating a living trust and living will. But I don't know if that also accommodates our concern about keeping the loan. Is there a recommended process such as to refinance, create a living trust, and transfer title of property into the living trust that would also keep the loan? Any suggestions? Your responses are greatly appreciated.