Can you use a lady bird deed if you still have a mortgage on your home?

Can you use an enhanced life estate deed if you still have a mortgage on your home?

Ann: Can the paperwork or the Lady Bird Deed be drawn up if you still have a mortgage?

Attorney Tom Olsen: Yes, we can do a Lady Bird Deed on all types of property: your home, rental property, investment property, commercial property, vacant lot, and we can do a Lady Bird Deed even if there's a mortgage on your property.

Ann: Then just as a follow-up to that, I'll just say at the time of my passing and the person that is on that document to be able to inherit that property, I know they'll have to pay the mortgage off if it's not paid off. Correct?

Attorney Tom Olsen: They're going to step in your shoes and keep on making mortgage payments until eventually they pay it off or they sell the property and pay the mortgage off as part of that sale.

Ann: Got you. I appreciate that very much.

Attorney Tom Olsen: Okay, Ann. We would love to assist you at The Olsen Law Group. We do have free booklets on Lady Bird Deeds. If you want to call us next week or maybe that free booklet on Lady Bird Deeds and how to avoid probate on your home.