How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Debra Your Own Question
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 97922
Experience:  Lawyer
10263656
Type Your Canada Law Question Here...
Debra is online now
A new question is answered every 9 seconds

My husband and I jointly own a home. He recently passed

Customer Question

My husband and I jointly own a home. He recently passed away. There is a line of credit against the house. That is in both of our names. When I transfer the house to my name does the line of credit follow. I do not wish to sell the house at present
Submitted: 1 year ago.
Category: Canada Law
Expert:  barristerinky replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

Yes, if there is a line of credit on the house, it would follow the property with you now being the only guarantor for any loan that might be taken out against the equity in the house.

.

When a property is jointly owned by spouses, when one passes, the survivor instantly becomes the sole owner of the property subject to any existing liens, debts or mortgages on it. Since it is the house that is securing the line of credit, nothing would affect it once the house is solely in your name.

.

.

thanks

Barrister

Expert:  Debra replied 1 year ago.

This question is now on the Canada law list. Can you confirm that this is about the law in Canada?

Related Canada Law Questions