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What happens to my mortgage and home when willed to my underage grandson?

I want to leave my home to my 13 year old grandson. What will happen if I die before he's 18 or before he can afford to pay the monthly mortgage. Is there anything I can do now to make it easier for him? by sinkou620 from Haynesville, Louisiana. Aug 10th 2020 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Consult an Attorney, but once 18, a common item is to add him to legal ownership of the property with a Quit Claim Deed. Cheap, easy.

Aug 10th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Generally, if you wish to leave an asset to someone when they are still a minor, some form of trust entity is required. This is because most states do not allow minors to own real estate outright. To prevent him from potentially losing control over the home once you have passed, you should seek out the help of an estate planning attorney to help you draft up the property paperwork so the property can be held for him until he turns the legal age in your state. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

Aug 10th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

I should also have included the following information about the mortgage. If a property is inherited by a family member via a will or other estate transfer mechanism, the lender that has a note secured by the property is not allowed to call the note under the 'Due on Sale' clause found in most home loan notes. This means that the lender MUST allow the inheritor to assume the mortgage. Again, there would be complications of the inheritor is a minor, so please seek legal advice to establish a proper trust, etc to protect your Grandson's interest until he comes of age.~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

Aug 11th 2020
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