Posted on: 15th Dec, 2009 07:26 am
my mother is leaving her home (fully paid off) to my sister (single parent). upon her death when the title has to be transferred into my sister's name, do we have to refinance the home and pay yet for another mortgage or will it remain paid off? my mother's intent is my sister will not have a mortgage to pay.
You will not be required to take out a mortgage for the inherited property. The only cost associated with the property will be the normal up-keep and your Taxes and HomeOwners Insurance. I hope this helps...
i agree - the only reason for obtaining a mortgage would be if your sister chose to undertake such a debt for other reasons (bill consolidation, equity takeout for purchase of other property, etc....that kind of thing).
