My situation is as follows: up until a few months ago, my father, mother and I lived in a house (in Canada) which was solely in my mother's name. There is a home equity line of credit associated with the house with quite a bit owing on it. My mom recently passed away, leaving just my dad and myself living in the house. My dad is the sole inheritor of her estate and we would like to stay in the house if possible.
That said, nobody seems to be able to give me a confident answer regarding what will happen to the line of credit now. Assuming my dad and I are able to make the payments on it, can we just carry on with it as it is? Or will the bank force us to pay it off in some kind of lump sum? Or will they force my dad to re-qualify for the loan based on his current income?
