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House refinanced 3x (reddthat.com)

submitted 1 month ago by [email protected] to c/[email protected]

26 comments fedilink hide all child comments

My grandmother bought the home we lived in the 90s for 90k at a 8% interest rate. I found out she refinanced the house several times from what seems like predatory practices and malicious advice and now owes 250k at 6%. Basically the house I thought was paid off now has 30 mortgage and she is 90. Her grandkids are in the will to inherent the house but do we inherent this mortgage?

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[–] [email protected] 6 points 1 month ago (1 children)

If the house is not paid off, the bank owns it and allows you to live there.

[–] [email protected] 4 points 1 month ago

This is something people seem to understand. Peaople seem to think the american dream is buying a home but it is actually about eventually paying it off and actually owning it.