...life insurance pay off the mortgage? My spouse and I each have 25% of a property and are "tennants in common" with 2 other partners. The other partners want my husband to get life insurance to pay off the house. (If he should pass) Our names are still not on title. We are the ones paying ALL the mortgage and occupying the home.

When you refinance your mortgage and take out all or part of your home equity in cash you owe no tax on the cash. Borrowed money must eventually be repaid, whether you do so over the life of the mortgage, such as 20 or 30 years, or when you sell the condo and pay off the mortgage balance in full.

Very dangerous spot to be in when you're on the loan and not on title. The person can sell the house or take out a loan on it and let it foreclose. You guys should have formed a partnership and put the title under the name of the partnership, then made provisions for death (what happens if one of you dies), divorce (what happens if one of you gets a divorce, you would hate to have the partner's ex-spouse ' lawyer come for the house), disability (you or your husband becomes disabled and are not able to make payments) and departure (one of the partners no longer wants to be a partner).































Anyway, mortgage and title are two different things and I would think (not sure) your life insurance policy can cover the mortgage even if the title is not in your name. Just ask and find out.































Regards