A reader asks ‘Upon my passing, does the beneficiary of my estate get to assume my...
Upon my passing, does the beneficiary of my estate get to assume my mortgage at my current interest rate? My mortgage is under 3 percent in a current market where rates are over 5 percent. Or will the mortgage company make her renegotiate?
The reason this is possible is because of a 1982 law known as the"Garn-St Germain Depository Institutions Act." This law was passed to prevent banks from forcing the beneficiaries of estates to either pay the entire mortgage or renegotiate the terms. Of course, just because the beneficiary of your estate may be able to keep your mortgage does not necessarily mean she will be able to keep your house. Your beneficiary will still need to make timely payments on the mortgage, and also pay the property taxes, property insurance, flood insurance, repairs and utilities.
The Garn-St Germain Depository Institutions Act does not define the word"relative." Banks generally have adopted an expansive definition of that word, and they will usually allow stepchildren, cousins, and other family members to keep the mortgages.
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