The marriage is no problem, however the new spouse is not protected in the reverse mortgage unless a refinance is done into both of their names. As a result if the borrower passes away the new spouse will have 6 months to sell the property or refinance it... or to turn it over to the lender.
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.
Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages. Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.
A good thing about reverse mortgage is that it does not have to have any income to qualify. Like the regular mortgage, it doesn't have any monthly loan payments. When your property gets sold, your mortgage will get paid off without any risk.
If you own a home and have some equity in it, you can get a reverse mortgage. You select how you want to be paid and you can get a monthly payment. The lender gets their money back when the house is sold.
A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.
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The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
Yes. However, that lender would take possession of the property subject to the first mortgage. When they sell the property the first mortgagee gets paid first from any proceeds.
The lender gets the property when you die. If your heirs want to keep the property then they must pay off the reverse mortgage within a certain time period after your death. However, the costs are often very high. The lender should be notified of the death of the owner. If the heirs cannot pay the lender will take possession of the property.
no because they will do each other
That will be the policy holder.