want to keep the house in the family

[memerem]

What is the name of your state (only U.S. law)? Rhode Island

my house has an outstanding mortgage. I am 62 and without life insurance. My daughter found this house 10 years ago and as she wasn't able to buy it I bought it. now the question is, if I die before the mortgage is paid off how can she keep the house? is it as simple as stating my wishes in a will? thanks for any help.

 

[rowz]

Oy!

When you pass then she can pay it off and keep it.




Oh....btw - the bank will stillwant their $$. so unless there is a life ins. policy or mortgage insurance that will pay off the loan then it will have to be sold to satisfy the debt and she/the heirs will share the rest.

 

[nextwife]

Are there other assets with which to pay your creditors? Maybe daughter should buy a cheap term policy on you to pay off the loan if you die?

 

[memerem]

is it possible to do a quitclaim and she can take over the mortgage?

 

[anteater]

Oh....btw - the bank will stillwant their $$. so unless there is a life ins. policy or mortgage insurance that will pay off the loan then it will have to be sold to satisfy the debt and she/the heirs will share the rest.

Unless the equity in the house is required to satisfy other legitimate creditors, that is incorrect.

Since it is a daughter who would be inheriting the house, the lender is precluded from exercising any due on sale clause. As long as the mortgage payments continue to be made, the lender would not be able to take any action.

 

[nextwife]

Unless the equity in the house is required to satisfy other legitimate creditors, that is incorrect.

Since it is a daughter who would be inheriting the house, the lender is precluded from exercising any due on sale clause. As long as the mortgage payments continue to be made, the lender would not be able to take any action.

That would only apply if she inherits it. IF it is deeded while the borrower is alive, Due on Transfer could apply.

 

[anteater]

That would only apply if she inherits it. IF it is deeded while the borrower is alive, Due on Transfer could apply.

Quite true. I did not see the OP's quitclaim question before I posted.

 

[memerem]

thank you for your input!

 

[HomeGuru]

is it possible to do a quitclaim and she can take over the mortgage?

**A: what exactly are you saying here?