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If a person has a reverse mortgage and dies then how long do heirs have to pay off the mortgage?
Wiki User
∙ 14y ago
The heirs must discuss that with the lender.
Wiki User
∙ 14y ago
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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
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.
Can the bank make you sell your personal belongings when a house goes into forcelosure with a reverse mortgage and no will?
Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.Generally, no. Reverse mortgages do no require mortgage payments so foreclosures are rare. When the borrower dies the heirs have a generous time period to sell the property. If they don't sell it, or if the property is worth less than the mortgage, the lender can foreclose and only the mortgaged property is vulnerable to the foreclosure, not any other property in the estate.
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?
Can a mortgage be in a will?
Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
When mortgage holders die what are mine and the mortgage company rights?
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
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.
What if a person dies while utilizing a reverse mortgage and did not use all the equity?
A reverse mortgage is a loan secured by the house. The loan must be paid off. Heirs have three options: sell the house using proceeds to pay the loan and keep the difference, refinance the house typically for the amount due, or give the house to the lender. In the latter case, the lender keeps (or eats) the difference.
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.
