Is the survivor on a survivorship deed responsible for the existing mortgage or do they need to apply for a new one or does the insurance of the deceased pay off the existing mortgage?
1 Answer from Attorneys
Re: suvivorship deeds
In general the suviving owner is responsible for the mortgage on the property. Whether they can assume the obligation or need to refinance depends on the terms of the mortgage.
If the surviving owner is the beneficiary of the insurance policy then he or she could use it to pay off the mortgage.
This answer is intended as general information. Plesae consult an attorney for information specific to your situation.