Will on a mortgaged property
2 years ago
The WILL executed and registered during the property mortgaged for Reverse Mortgage Loan. Does it give the rights for the spouse to further distribute the property by way of another WILL if the loan is fully serviced
A.Dear Client
A mortgage does not transfer the rights of the property unless the mortgage deed is invoked for non-payment of the loan. Hence a person can make a will during the mortgage. A will can be made at anytime and the last/latest will is considered as valid.
About spouse - if she has the right in the property then she can make a will.
A mortgage does not transfer the rights of the property unless the mortgage deed is invoked for non-payment of the loan. Hence a person can make a will during the mortgage. A will can be made at anytime and the last/latest will is considered as valid.
About spouse - if she has the right in the property then she can make a will.
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