When parents die, bank must allow children to assume mortgage


Attorney Tom Olsen: We got a text from Sean, and Sean was asking me about what happens when mom or dad pass away, and the children inherit a house, and that house has got a mortgage on it; a house or commercial property, whatever property, you name it, there's a mortgage on it. Well, the law requires that when somebody passes away and somebody inherits that piece of property, the bank, the lender, must allow them to assume that mortgage. It's just that simple. So your parents pass away, they had a mortgage on their house, you inherit that house, the bank must allow you to assume it. Just that simple.