my fiance' is 71. he owns 3 homes. 1 in NY state and 2 in Fl., his residency is NY state. He does not have a will. 2 yrs. ago he asked me to cosign for a home equity loan..I did. if he passes, am I responsible to pay off the home equity loan, or will that go into his estate?. He has 3 grown children that would divide his estate?
2 Answers from Attorneys
If you co signed on the loan you are responsible.
This could be a real mess. Almost certainly the house will be sold and the proceeds of sale used to pay back the home equity line of credit. The man is making a very big mistake by not having a Will and trust. But yes if you signed your name that means you are guaranteeing the loan is repaid. That's what 'co-signer' means, which you knew when you signed the papers.