Interest rate change
Hello BP,
I am hoping you could help us. I am working on trying to keep the interest rate at 2.5% on my mom’s house that we are inheriting now. The property is in a trust but the loan was taken out in my mother’s name. I am the executor. The lawyer talked about notifying the lender about the passing. We are keeping the property. I am concerned that the lender will call the loan due or make us qualify for a new loan at today’s interest rate as non-owner occupied property. If anyone has gone through this or anyone knows what we should do, we appreciate anything you could help with.
Thank you,
Jack
Most Popular Reply
You can read the deed of trust that was recorded but I don't believe they can call it due for this. As long as the payments are made as agreed they shouldn't be able to adjust the terms due to a death unless it was a reverse mortgage.