Houston Estate Planning and Elder Law Attorney Blog
Death of the borrower triggers the loan payoff, but the estate and heirs will never owe more than what the home is worth.
Family homes are unique assets. And like many assets, family homes can be as complicated as they are meaningful. Even when heirs inherit a home with no strings attached, issues can arise.
But what about when there are strings that come with inheriting the family home? What if there is still a mortgage or, increasingly common, a reverse mortgage? Notably, when a reverse mortgage is in play there are a few more things an heir needs to know.