Q: How can my wife take over the home mortgage if I die unexpectedly?
I would like to ensure that my wife can take over our home mortgage if I die unexpectedly. She is not currently a co-signor or co-owner of the property, and we do not have an estate plan in place yet. I have a life insurance policy that could help cover the mortgage. What steps should I take?
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A: Under federal law, when a home loan borrower dies and the house is inherited by a family member, such as a spouse, the lender may not call a loan due or force the family member to assume the loan. All your wife will need to do is notify the lender that you have passed and that she has inherited the property. The paperwork to prove death is a death certificate, of course. The paperwork to prove inheritance varies, depending on how title was held. Your wife will most likely hire an attorney to help with the administration of your estate and can help with this.
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