Legal Question in Real Estate Law in New York
Father owns house with a mortgage in his name. The deed also has only his name. His daughter is living in the house. If Father dies, daughter wishes to continue to live in the house and pay the mortgage. Does her name need (or should it be) on the deed ? Daughter is NOT the exectutor of the will. If daughter is on Disability, does she qualify to get an assumed, reduced-rate mortage ?
1 Answer from Attorneys
Q. Does her name need (or should it be) on the deed ?
A. Presently house would be transferred either by the father's will, or if there is no will, by intestate. If father places daughter on deed as joint tenant (not tenant in common), upon father's death the house would be daughters. In the alternative, the father may prepare a will gifting house to daughter.
Q. If daughter is on Disability, does she qualify to get an assumed, reduced-rate mortage ?
A. The father's death does not extinguish his obligations under a promissory note and mortgage for the house. In other words, you would still have to pay the father's mortgage. However, to specifically answer your question, I do not know. You would have to talk to a licensed mortgage broker to determine in daughter qualifies for a reduced-rate mortage.
Mike.
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