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The person entitled to the home may do one of the following.
1. Refinance the home into their own name.
2. Sell the home, pay off the existing mortgage and keep any assets that are left over.
3. If the person that passed owes more than the home was worth, the heirs may walk away from the home. No other assets may be attached.
4. Upon the death of the mortgagor the heirs must pay off the mortgage or the lender will take possession of the property.
After the owner's death the bank will allow the heirs a time period during which they can pay off the mortgage if they want to keep the property. However, if they do not then the bank will take the property.
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If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
If a person has a reverse mortgage and dies then how long do heirs have to pay off the mortgage?
The heirs must discuss that with the lender.
How soon does the bank usually give the heirs to get out on a reverse mortgage when the person dies?
becuse the are cool da
can the spouse live in the home after the spouse dies under a reverse mortgage?
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Why would a person be trying to find a reverse mortgage lender?
Someone might be looking for a reverse mortgage because the loan doesn't usually need to be paid back until the borrower dies or moves out of their home.
How is a reverse mortgage satisfied?
When the person making the mortgage dies, the property goes to the lender. Alternatively, you could pay off the amount loaned (plus fees) under the mortgage and get the property back. Hope that helps!Check here for more details:http://www.talkrefinance.com/explain-reverse-mortgage
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
When a family member dies can another family member takes over there property legally with a reverse mortgage?
No. The reverse mortgage must be paid off first.
Can you describe to me what a reverse mortgage is?
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
What is a reverse mortgage broker?
A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.
Can a house that was inherited with a reverse mortgage then be reverse mortgaged by the person who inherited it and yes they are over 62 years old?
Yes, the person who inherited the house can choose to obtain a reverse mortgage on the property, provided they meet the age requirement of being over 62 years old. They would need to go through the normal process for obtaining a reverse mortgage, including meeting with a HUD-approved counselor and receiving the necessary financial counseling.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
