Camarillo, CA asked in Estate Planning and Probate for California

Q: Do I notify the lender that my parents have passed? The mortgage is current

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1 Lawyer Answer
James Edward Berge
James Edward Berge
  • Estate Planning Lawyer
  • San Jose, CA
  • Licensed in California

A: It’s not necessary as long as you keep making the mortgage payments, but if you want to know the outstanding balance or want your monthly statements to be sent to another address, then yes, let the lender know of your parents death. Now, if you’re dealing with a reverse mortgage, the lender will inform you that you have up to one year to either pay it off in full or refinance it. Or, if the mortgage is a line of credit, your lender will inform you that no new credit will be extended but the balance will be due according to the loan terms. I hope this helps.

John B. Palley and Nina Whitehurst agree with this answer

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