What Happens If You Inherit a House With a Mortgage? Key Facts You Need to Know
Posted by Adam Chahl on
Inheriting a home in Canada can be both emotional and overwhelming. On one hand, it may feel like a gift from a loved one. On the other, the home may come with strings attached — namely, a mortgage. Many people assume that when a person passes away, their debts disappear. But if you inherit a house with a mortgage, the story is much more complicated.
This guide breaks down everything you need to know, from mortgage responsibility after death to your options when inheriting a mortgaged house. We’ll cover what happens legally, financially, and practically so that you know exactly what to do if you inherit a house with debt in Canada.
Understanding Inheritance and Mortgages in Canada
When someone dies, their estate (the total of their assets and…
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