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Estate Planning FAQ
What happens to the mortgage of my property?
What happens to the mortgage of my property?

The mortgage needs to be paid off

Sarah avatar
Written by Sarah
Updated over a week ago

Generally, if your bank is notified of your passing, your mortgage loan will not be frozen and the outstanding balance will continue to accrue interest. Your bank account to repay your loan however would be frozen, so your executors should contact your bank as soon as possible to discuss the available options.

If you own the property jointly, then the surviving owners should continue to pay for the mortgage, and not wait until the probate process is complete.

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