What happens if a spouse passes away?

Asked by Beth, Chicago, IL Sun Nov 18, 2012


What happens to my home if I pass away? I am the only one on the mortgage, my spouse is not. Would the ownership simply pass to my husband and he would have to just continue making payments? Or, would he have to qualify for a new mortgage on his own for the balance owed? Thanks!

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Katja McGor…, Agent, Central Valley, NY
Sun Nov 18, 2012
Wow! This is such a complicated question. Sohail's answer is the best, short and sweet. This is not the right place to ask, because so many factors have to be considered: the type of ownership, who's names are on the deed,children etc. And then there is a question of financial background of your husband/spouse...
It is clearly bothering you and I find it nice that you started thinking about potential complications in the future. You definitely should consult an attorney; actually not "an" attorney. It should be someone who deals EXCLUSIVELY with estate planning and family law, in connection with real estate of course. Many attorneys advertise everything but the kitchen sink in their portfolio, many say that "law is law", but quite frankly I would prefer that my appendix is removed by a surgeon and not by a dentist (nothing against both of course!). Don't procrastinate, do it now! You already made the first step. Good Luck!
1 vote
Sohail Salah…, Agent, Chicago, IL
Sun Nov 18, 2012

I would highly recommend that you speak with legal counsel on this question because there are many factors that can affect the situation such as how you are holding title, etc.

Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing


Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Locally Known, Globally Recognized"
1 vote
Manuel Brown, Agent, Chicago, IL
Sun Nov 18, 2012
Dear Beth,
Dear Beth,

The best advice is see given to tiy here is for you consult with an estate attorney. If you should pass before your spouse I am sure you would want the transition for your spouse to be smoothly as possible. It is a living a thoughtful person that thinks ahead these just incase situations.

Warmest Regards

Manuel Brown
iMove Chicago
1 vote
Bill J Delig…, Agent, Naperville, IL
Mon Nov 19, 2012
Is your husband on the title? If so, then he is an owner as well. As long as payments are made on time, banks usually are satisfied with that. This asset as well as your other assets should all be considered when doing your estate planning.
0 votes
JIM Michaels, Agent, Chicago, IL
Sun Nov 18, 2012
Call Jim Schultz attorney for a free consultation at 773 680 7426
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Nov 18, 2012
I would speak with an attorney on this. They will be able to set it up correctly for you.
0 votes
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Sun Nov 18, 2012
This will depend on how you hold the title to your home.
If you are not currently on the title then contact an attorney to have a Quit Claim deed prepared to add yourself to the title.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes
De Vonte Wil…, Agent, East Point, GA
Sun Nov 18, 2012
Hello Beth.You should consider a consultation with an estate & wills attorney, to ease any uncertainties.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes
Wayne Odenbr…, Agent, Mountain Lakes, NJ
Sun Nov 18, 2012
The Lean is on the property, not any one person.

I am not an Attorney or a Mortgage guy, but from what I have seen, just keep paying the mortgage.
The Mortgage Company is usually happy to just continue to recieve their checks. Why would they want to make you sell the home or foreclose if they get the check each month.

I would highly recommend visitingwith an Attorney or Estate Planner to make sure all issues are covered. A Life Insurance policy also goes a long way to avoid problems after a beloved spouse is gone.
0 votes
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