My parents recently passed leaving their property to us which is in a trust. My wife and I have been living in the property and paying rent for the last 8 years. The property has a VA loan at around 3.75 percent. Is there any way to assume the VA loan if I didn't serve in the military? Otherwise the payment will of course go up significantly. What are my options? Any thoughts? Thanks!!
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
1y
The process will be to notify the lender that a parent died, and it is possible the lender will want a copy of the death certificate to show that. You should not have to assume the mortgage, but to keep making payments on the mortgage until it is paid off. The mortgage and the deed are two different things, as the deed conveys ownership. As far as ownership of the property as it is related to the trust, you ought to be discussing this asset and any others in the trust, with an estate lawyer. You may, in the future, want to get a HELOC or refinance, and you will need to show ownership to do that.