Want this question answered?
100% everyone dies.
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Usually the mortage is set up as a survivors deed. This means that if one person dies, the spouce receives the deed in their own name. If this is not the case and the house wasn't willed to the other spouse, then it will have to be taken up in Probate Court.
If child dies, does his spouse have any legal claim with in-laws home?
yes
Funds are transferred to the surviving spouse
Then the house needs to be sold.
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
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.
In most cases the spouse has a right in the property, even if they are not on the deed. If there is no will, the spouse typically inherits the property.
u only said he is married once... u never said he was married in florida and also its the spouse that dies not the person
The surviving spouse becomes the sole owner.