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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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My fiancé is 79, I am 57; our home is worth about $215K, Bal

Customer Question

My fiancé is 79, I am 57; our home is worth about $215K, Bal $174K.
He is on the mortgage loan, both of us are on the Deed.
He has a rare, aggressive form of skin cancer, lymph nodes removed.
I only make about $28K/yr; if he passes I may stay in the home about a year.
Should we refinance the current mortgage in both of our names?
Can they 'call' the loan if he passes, and I keep up the payments?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

This is a somewhat complicated matter, while it is unlikely that the bank is going to attempt to "accelerate" the loan (or "call" the loan) if your husband were to pass before you, and you were to keep payments current, that is something that may be possible depending on the specific terms of the loan document.

I would strongly encourage both of you to speak with a local trusts and estates attorney to help you with your estate planning needs, it may be possible to help you with your financial planning as well as mitigate your tax burden at the same time with a little bit of assistance from an appropriate attorney. I understand you may be trying to save some money right now, but paying an attorney a little bit of money ahead of time can actually save you a significant amount in the future.

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