What Happens to Your BC Mortgage When You Die?
Your mortgage doesn’t disappear when you die. So what actually happens to your home and mortgage?
In Episode 111 of The Real Deal Pod, Fraser Valley Realtor Allister Carrington and BC mortgage broker Geoff Lee break down what families need to know before they’re faced with that situation.
From how your property is registered to wills, insurance and estate planning, there are some important conversations worth having while everyone is still around the table.
What You’ll Learn
- What happens to a BC mortgage when a homeowner passes away
- The difference between joint tenancy and tenants in common
- What a surviving spouse may need to do to keep the home
- Mortgage insurance vs. life insurance and why the difference matters
- Why relying only on employer life insurance may leave a coverage gap
- What can happen in BC when someone dies without a will
- Why wills should be reviewed and kept up to date
- Why business owners should also think about succession planning
Having a plan isn’t only about protecting the house. It’s about making an already difficult time easier for the people you leave behind.
Also in Episode 111
Allister and Geoff look at the growing inventory of unsold Metro Vancouver condos and what it could mean for buyers, particularly those looking for larger units.
They also discuss the latest BC real estate numbers and the province’s changing fiscal picture.