Legal Question in Real Estate Law in Illinois

Re: Assumption of mortgage in case of death

There are several methods to address the issue you raise. One includes creation of a land trust with you and your mother as the beneficiary. One includes the creation of a trust that will inherit the property and that you will be the successor trustee. The simplest, depending upon your relationship with your mother includes your having a present ownership interest as a joint tenant with rights of survival at the time the property is purchased. You should have a lawyer involved in the purchase of the property so that the proper steps can be taken when the property is purchased. If you or your mother wish to speak about this I can be reached at 630-243-0099.

Re: Assumption of mortgage in case of death

Being "on the mortgage" and being "on title" are two different things. If you are a joint tenant, you would have an ownership interest in the real property, but not necessarily a financial obligation to pay the mortgage company. Upon the death of your mother, you may have to obtain your own mortgage to pay for the balance then due to the first mortgage company. Given that interest rates are very low now, I would suggest that you be a co-mortgagor in this purchase to avoid a possible future problem.