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I am 60 years old. I have a very LOW interest mortgage in NY…

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I am 60 years old...
I am 60 years old. I have a very LOW interest mortgage in NY city. When I die, can my daughter keep the house and continue to make the payments on this LOW interest mortgage until the life of the mortgage? This is a conventional conforming mortgage. She may or may not live in this house. She may rent it out. Is the law anything different in Florida?
Submitted: 6 years ago.Category: Real Estate Law
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2/25/2012
Real Estate Lawyer: Richard, Lawyer replied 6 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,240
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good afternoon. It's going to depend upon your lender. Your mortgage documents are going to have a provision giving the lender the right to call the loan in the event of any transfer of the property, which is going to include your death. Many lenders will simply allow the beneficiaries to continue to make the payments and not force a refinancing, but the lender has no obligation to do so. You might want to address the issue with your lender now. The above applies in both NY and Florida.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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