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.
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.
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
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.
NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.
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 the mortgage isn't paid the lender will take possession of the property by foreclosure and sell it.
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
It is going to depend on the type of deed for the property. If it was purchased while they were married, she would expect to become the sole owner of the home, subject to any mortgage.
If you are on the mortgage, you are on the house loan. If you mean you are on the deed, but not the mortgage, then there may be an issue. Many states have a homestead or dower right that could protect you. Consult a local attorney for help!
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
In the UK the seller is the owner of the house together with any mortgage lender, the proportion of ownership depends on the amount outstanding on the mortgage. If the seller dies then the 'estate' will own the sellers proportion of the house. The estate will pass on to the next of kin or anyone nominated in the sellers will.
Usually in these, cases ownership will go to the surviving spouse.
The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.
You will deal with all the payments unless the house was in her name or she left money for you. The insurance purchased to secure the mortgage should pay out.
You own the land subject to the 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.