House and will question

[gthang12]

What is the name of your state? Illinois

Hi,

My mom is the only one with her name on the title of our home and she still is paying the mortgage payments on the home. Recently she has been sick and was curious that if something were to happen to her, what would happen to the home? Does this transfer to myself and my brother? She does not have a will set up and if she were to set up a will, would it help even though she owes money on the home?

Any help would be aprreciated, thanks.

 

[Dandy Don]

After her death, the heirs would need to discuss with the mortgage company whether they would want to continue making the monthly payments or not, which they usually do want to continue if mother has paid enough money into the home to have equity. If heirs don't want to continue payments, the mortgage company will foreclose on it and try to sell it to someone else.

If mom expects to pay off the mortgage during her lifetime or wants her heirs to continue with the payments, she should mention the home as an asset in her will.