Interest rate change

[Jack Wyatt Jr]

Hello BP,

  I am hoping you could help us. I am working on trying to keep the interest rate at 2.5% on my mom’s house that we are inheriting now. The property is in a trust but the loan was taken out in my mother’s name. I am the executor. The lawyer talked about notifying the lender about the passing. We are keeping the property. I am concerned that the lender will call the loan due or make us qualify for a new loan at today’s interest rate as non-owner occupied property. If anyone has gone through this or anyone knows what we should do, we appreciate anything you could help with.

Thank you,

Jack

[Mike Singer]

You can read the deed of trust that was recorded but I don't believe they can call it due for this. As long as the payments are made as agreed they shouldn't be able to adjust the terms due to a death unless it was a reverse mortgage.