What to do when a BMO account holder dies

On BMO marital deposit accounts with a POD designation, upon the death of either owner 50% of the account passes to the surviving owner and 50% passes to the POD beneficiaries. Any account owner may change beneficiaries at any time without the consent of other owners or beneficiaries. With multiple POD beneficiaries, each surviving beneficiary receives an equal share unless otherwise specified, and BMO issues a separate check to each. If no named beneficiary survives the last account owner, the balance is paid to the estate of the last surviving owner. BMO requires original signed POD/TOD forms -- fax or photocopy is not accepted.

Call the BMO mortgage line at 1-844-219-6003 (or 1-888-340-2265 for HELOCs) with a certified death certificate and documentation of your ownership interest in the property. BMO processes this through its Successor in Interest workflow, which is required under CFPB mortgage servicing rules. Under the federal Garn-St. Germain Act (12 U.S.C. 1701j-3), BMO cannot enforce the due-on-sale clause when the property transfers to a surviving spouse, a relative who inherits, or the borrower's revocable living trust. Once you are confirmed as a Successor in Interest, you can continue the existing payments, apply for loan assumption, refinance, or pay off the balance. For HELOCs, the draw period ends at the borrower's death even though confirmed successors are not required to pay the full balance immediately.