I am the administrator to my mother's estate. What responsibility do I have to the bank that extended her a HELOC? Must it be paid upon the sale of her home? What if I can't make the payments on it?
The estate remains liable for payments on the HELOC. If the estate cannot make payments because of a lack of cash assets, contact the bank and explain the situation. If the home will be transferred to you when the estate is settled, the HELOC will remain in place as a lien, and you will need to arrange to pay it off.
If the house is sold, the loan will have to be paid off and the HELOC mortgage discharged before clear title can be passed to the new owners. That's normally taken care of in the closing of the sale.
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The estate remains liable for payments on the HELOC. If the estate cannot make payments because of a lack of cash assets, contact the bank and explain the situation. If the home will be transferred to you when the estate is settled, the HELOC will remain in place as a lien, and you will need to arrange to pay it off.