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.
You still own the house if you have a reverse mortgage, yes.
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.
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.
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Yes, the husband can rent the house if he has the Mortgage in his name but the Deed of Trust is shared.
You still own the house if you have a reverse mortgage, yes.
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
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.
American reverse mortgage is when you borrow money based on the value of your house. A reverse mortgage has the option of being a lump sum or installments.
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.
If the mortgage isn't paid the lender will take possession of the property by foreclosure and sell it.
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Yes, the husband can rent the house if he has the Mortgage in his name but the Deed of Trust is shared.
No I do not have a mortgage from AARP Reverse Mortgage because I am not 100 years old. That is for old people who need money and do not need their house any longer because they will be dieing soon.
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.
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.
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.