His estate will be responsible for the mortgage. Assuming the wife is not on the deed, if the mortgage isn't paid the bank will foreclose and take possession of the property covered by the mortgage. If the wife is on the deed and she consented to the mortgage the bank can foreclose. If she is on the deed and did not consent to the mortgage then the bank had a defective title and may not be able to foreclose.
no if you did not sign anything
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.
Laws and regulations regarding debt inheritance differ by country. In most cases, a debt will become part of the inheritance and will either be settled from the inheritance first, or paid by the inheritor(s). There are also countries where significant debts (such as a mortgage) is coupled to a life insurance that pays out and settles the debt when the debtor dies.
If your husband has a will then his property is distributed accordingly, if he not have a will then the distribution of property is determined by a probate court.
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.
no if you did not sign anything
A married couple is seen as a economic unit, so to speak. So the widow is responsible for the debt.
not if you have death insurance on the loan and credit cards
Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.
The estate is responsible for debt. That is one of the reasons for opening probate.
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
When someone dies, any debts they leave are paid out of their 'estate' (the money and property they leave behind). You're only responsible for their debts if you had a joint loan or agreement or provided a loan guarantee - you aren't automatically responsible for a husband's, wife's or civil partner's debts.
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 dependent parent dies then the estate will be responsible for their tax debt. If you are over their estate then you would have to ensure that the government gets their taxes.
Only if your wife leaves the house to you as an inheritance are you legally responsible for her mortgage upon death.
The husbands estate is responsible, but not the wife directly. The amount of the husbands debt will be subtracted from his assets after his death. His wife will usually inherit what is left, unless the husband left other instructions in his will (ie leave everything to charity). If the husband dies and his debt is larger than his assets, then the creditors usually lose the difference. This is all handled through probate court, and a judge can choose who gets what.