Mother survivor - no will

[tobytigger]

My jurisdiction is: New York

My father passed away in NY with no will, reverse mortgage and no equity line remaining, substantial credit card debt with multiple accounts in his name only. He has a pension which will go to my mother for life at 50%, a car in his name only with a loan and one private life insurnace policy and a small VA life policy. No other assests other than the house which is joint. What is my mother''s obligation for the credit dard debt and how do I handle the reverse mortgage as the note is joint ownership? If my mother uses one of my dad's cards after his death could she be held liable? Thank you for the help!

 

[dee_dub]

Your father's estate is liable for the debts. In other words, they could be charged against his accounts, the life insurance policies (if those are payable to his estate instead of to your mother directly as beneficiary), or possibly his half of the house. Your mother isn't liable for them. She should NOT use his credit cards. She should contact all of your father's creditors and notify them of the death.

What do you mean by "the note is joint ownership"? Are both your father and your mother debtors under the reverse mortgage?

 

[tobytigger]

Both father and mother are debtors in reverse mortgage.

Both life polices name mother as primary beneficary. What defines an estate when the only assets are the mortgage/house and life policies? No savings to speak of except pension. If mother does not pay father's credit card debts, could that impact her credit ratings? There is a car loan in his name only although mother needs a car and is willing to assume the loan if she can get loan approval.