My BF is considering making this shorter contract for a house with a very older man. We just figured out he put it up as collateral and made a consolidation loan for his lines of credit.
If we buy it and he passes, I'm wondering if the loan holder can call in the loan and take the property? Or his kids or estate mgr. May force sale of it over the loan in his name on the property?
Read more: Can an older person who has remortgaged against their house-sell it contract for deed?
