Real Estate Law
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Thank you for your question; it is always wise to think ahead for these situations.
fortunately the Garn St Germaine Act - a federal law- allows the surviving spouse to assume the loan, and the lender is not able to charge extra for this, or increase the interest rate. The idea is to allow the surviving spouse to remain in the home. For more information please see here Prior to this act, because of the Due on Sale clause, a lender could renegotiate the terms of the loan upon the death of the borrower; this is no longer allowed.
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.