Gifting Home After Death
A father added his son to his mortgage because he retired and could no longer afford the payments on his own. They both had 800+ FICO and completed a cash-out refinance. I'm assuming the son is a coborrower, although I'm not sure if he's on the deed. My question is what happens after the father passes away if he has a trust/estate/will in place? Let's assume the son is a coborrower: will the house be 100% his after his father passes away? Or will the son have to determine what to do with the house with his sibling involved, based on the terms of the trust/estate/will (50/50)? by jennifer.teichelm... from Tualatin, Oregon. Feb 6th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
If the son was on the loan, he is an owner. The next question depends on how they went into ownership. The most common is joint tenants with right of survivorship. When Dad died, the home goes 100% to the son. If they did one of the other options, there are too many different directions to list here. Look for the loan paperwork and see how they went into title, then you can figure out what you need to do from there. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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