Inherit the Home, Forget the Mortgage

23 Oct 2023 · 1 min

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0:52

In this concise video, the speaker corrects a common misconception that heirs can inherit a house without addressing the existing mortgage. He explains that to keep the property, heirs must either pay off the mortgage, assume the loan payments (per applicable law), or refinance, especially if they need to compensate siblings. If they choose not to keep the home, they can sell it, use the proceeds to settle the mortgage, and split any remaining equity. He also recommends purchasing a life‑insurance policy to ensure funds are available to cover the mortgage upon the parents’ death. The video ends with a promotional call‑to‑action inviting viewers to click his picture, join his newsletter, and work with him, noting that his newsletters start with straightforward truth‑telling.

Chapters

If your parents leave you their home when they die, you can keep the house and you don't have to pay off their mortgage. That's right. You do not have to pay off the mortgage and you can do whatever you want with that house. You can tell the bank to go stuff it. No, that's a lie. That's a big fat lie. You've got to pay off the mortgage. Yeah, if you want to keep the house, you've got to pay off the mortgage or you've got to assume the payments. And there's a law that says if you've inherited the house, you can assume the payments. Now, if you've got to pay off your brothers and sisters to keep the house, then you might have to go refinance it. If you don't want to keep it, then you just sell it, pay off the mortgage with the proceeds, and then keep the rest or split it with your siblings if you have them. A life insurance policy is a good way to make sure that you've got the money there to pay off the mortgage if you have to. And now you know the drill. Click my picture in my link for my newsletter and to work with me. And in my newsletter, I usually start off by telling the truth right off the bat.