Called-In Loan

I was writing to a woman whose husband owned their home.She wanted to know, if he died, whether she’d have to get a new mortgage on the house or could she continue paying on the present loan?

With most mortgages, when there’s a change of ownership, the current mortgage loan has to be paid off immediately.The new owners find their own financing.But when a husband or wife inherits a family home, lenders usually allow the present mortgage to remain just as it is.They don’t “call it in” but leave it on the property just as it is.