My parents still owe on their mortgage, and have no savings, no assets, and no income except a modest pension. When they pass from old age, and they still owe for the mortgage, will the mortgage company/bank seek to satisfy that obligation from the life insurance policy my father has on them? Also, since they don't own the house outright, I assume that I would be on the hook for the remaining balance if I chose to inherit the house? With the house comes the debt/obligation?
Orignal From: If my parents still owe on their mortgage, will that debt cut into life insurance proceeds?
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