Mortgage in only my name

[goddessoflubboc]

I'm in TX.

In 2002 I bought a house. At the time my husband had poor credit and wasn't working, so there wasn't any benefit to adding him to the mortgage. He is on the deed.

Now, I am dying. I have called the bank that holds the mortgage as well as other banks, trying to find out what happens when I die. I don't want DH to lose the house. It is pretty much the only home our children have known, and he could never rent for our mortgage payment (less than $650 a month).

Would it be best for us to refinance now adding his name? Or will the original mortgage "rollover" to become his debt - which would be fine.

Thanks.

 

[Ohiogal]

I'm in TX.

In 2002 I bought a house. At the time my husband had poor credit and wasn't working, so there wasn't any benefit to adding him to the mortgage. He is on the deed.

Now, I am dying. I have called the bank that holds the mortgage as well as other banks, trying to find out what happens when I die. I don't want DH to lose the house. It is pretty much the only home our children have known, and he could never rent for our mortgage payment (less than $650 a month).

Would it be best for us to refinance now adding his name? Or will the original mortgage "rollover" to become his debt - which would be fine.

Thanks.

It will NOT rollover to become his debt however if he doesn't pay it he loses the house. How was he added to the deed and NOT on the mortgage? Do you have life insurance?

 

[FlyingRon]

Well, as long as he keeps paying the mortgage things will be fine. They can not call the loan because you die. If he doesn't pay however, the bank will foreclose.

 

[nextwife]

I work for a bank. I KNOW thatwe are perfectly happy to have the surviving spouse, even if not on the mortgage, continue to pay.

 

[FlyingRon]

I work for a bank. I KNOW thatwe are perfectly happy to have the surviving spouse, even if not on the mortgage, continue to pay.

Not only are they happy, they are enjoined by law from trying to call the loan if the survivor pays on it.

 

[goddessoflubboc]

Not only are they happy, they are enjoined by law from trying to call the loan if the survivor pays on it.

That gives me great relief . I really can't afford to refinance.

DH will make the payments, that's not a question at all.

No, I don't have life insurance. It's cost was extremely prohibitive when we first married due to some chronic illnesses, and now I'm basically uninsurable. We do carry insurance on DH however.

Thank you so much for your help.