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Only if you cover that issue when you buy your insurance. It usually costs extra (doesn't everything!) but it insures that the mortgage balance is taken care of
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∙ 13y ago
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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?
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
What if other spouse can not pay mortgage when the other spouse dies?
Then the house needs to be sold.
If a spouse dies will the mortgage be paid in full by insurance?
Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used to pay off the mortgage.
How do you get your ex-spouse off the mortgage agreement without spending a lot of money?
You will have to refinance your loan in order to get his name off. The loan now has both of your names on it because you both appied at the same time. This mortgage has to be paid off in order to remove the ex-spouse. That means you will have to apply for a new mortgage in your name only.
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?
Mortgage is in your name spouse dies will mortgage life insurance pay off house?
If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
What happens to a mortgage when one spouse dies?
Generally, the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
What if other spouse can not pay mortgage when the other spouse dies?
Then the house needs to be sold.
How long can a spouse stay in the house after the mortgage holder dies and he or she can't make payments?
forever
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.
Will your mortgage company work with you on payments if your spouse dies?
no,they will give you extra time to pay it but not alot of time
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
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.
If a spouse dies will the mortgage be paid in full by insurance?
Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used to pay off the mortgage.
What type of insurance do you need in order for the mortgage to be paid off when one owner dies?
Joint Mortgage Term Life Insurance
How much will it cost you to remove spouse from mortgage?
A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.
What happens if your spouse dies you're not on the mortgage but have the deed in your name?
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
