Texas Inheritance And Mortgages

Summary

When a parent passes in Texas, the house distribution depends on a will or intestacy laws. A reverse mortgage requires repayment, possibly necessitating a sale. A Lady Bird Deed allows property transfer without probate. Consult a probate attorney for guidance.

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I am the only child. The house may have a Reverse Mortgage.
In Texas, if the house has a reverse mortgage, the lender can require repayment when the homeowner passes away. Here are some key points:
- The house may need to be sold to repay the loan.
- You might be able to pay off the loan and keep the house.
- Consult with a probate attorney for specific guidance.
Do you know if there's a will or any other estate planning done?
Lady bird deed is in my name
A Lady Bird Deed, or Enhanced Life Estate Deed, allows the homeowner to transfer property upon their death without going through probate. Here are some key points:
- If the deed is in your name, the property should transfer directly to you.
- The reverse mortgage must be addressed, either by selling the house or paying off the loan.
- Consult a probate attorney for detailed advice.
Do you need help finding a probate attorney in Texas?