Husband's mortgage, joint title, what type of will "saves" house if hubby dies?

[cowpiefarm]

Husband's mortgage, joint title, what type of will "saves" house if hubby dies?

What is the name of your state? Ohio. Hubby and I closed on our new home yesterday. Mortgage is in husband's name only due to my imperfect credit. Both our names are on title. Loan officer told us that if hubby dies, I will own the house, but not the mortgage. She said that having a will drawn up would prevent a "bad situation" from occurring should should hubby die. (since my name is not on the mortgage.) Exactly what should be put in the will to "fix" this situation should he die? We are going to have a will made, but need to know what this "thing" is that the loan officer stated we should have included in the will. Anyone know? Thank you in advance for any insight into this matter!

 

[Dandy Don]

Sounds as if loan officer may be partially correct and also partially incorrect.

The part about you "owning the house" does not make sense--you need to ASK HER to clarify what she meant when she said this. As long as the mortgage is not paid off in full, you would not own anything--therefore you don't need to mention the home in the will. Of course the mortgage company would "own" the mortgage, but you would have "equity"--at your husband's death you would need to decide whether you could afford to continue making the payments or whether you would want to sell the home (and get the mortgage company's permission to do so).