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Mortgage payments on death.
Legacy_user
Posts: 0 Newbie
If a couple have a mortgage in both their names and one of them dies, is the remaining person responsible for completing payments?
Should it be the wife has the mortgage in her name and she dies, is the outstanding amount written off?
Should it be the wife has the mortgage in her name and she dies, is the outstanding amount written off?
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If a couple have a mortgage in both their names and one of them dies, is the remaining person responsible for completing payments?
Yes.Should it be the wife has the mortgage in her name and she dies, is the outstanding amount written off?
No. Either her beneficiaries would take out a new mortgage to allow the old mortgage to be repaid or the mortgage could be repaid from life insurance or her estate. If there was no other monies available to clear the mortgage the property would need to be sold to pay off the mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Life insurance, either stand alone or as part of an endowment policy is often taken out at the same time as a mortgage for this reason.
Has something happened?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
In the case of a joint mortgage, the survivor is liable for the debt and should continue to make payments.
In the case of a sole mortgage, the estate is liable for the debt. The executors should ensure mortgage payments are met.
Life assurance is a novel way of mitigating any problems caused by the death of a borrower.0
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