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Reply to "What happens to a balloon note when the lender dies?"
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[quote=Anonymous]Hi, I am looking at getting a balloon note mortgage from my mother for 300K that I am paying interest only on. The note is due in 2035. Baring some amazing medical feat my mother will be passed away by then. Does anyone know what happens to that note? My understanding would be that it would be absorbed into the estate and would be part of my inheritance. So in my mind, she passes away, lets say has 500K in assets that she leaves to me. That 300K gets absorbed as part of the 500K she leaves and I get 200K inheritance? Does anyone know how this scenario would play out?[/quote]
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