0
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
What do you call it when someone pays back a loan quickly?
A sudden debt pay off is when someone pays back a loan quickly.
What if your home is destroyed and you have a reverse mortgage who pays the real estate tax?
You do.You do.You do.You do.
Who pays the loan on my mother's house after her death?
The estate pays the cost to maintain the estate. The house may have to be sold if the mortgage cannot be paid. If someone wants the house, they may wish to pay the mortgage.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
What happens to the land in a reverse mortgage contract?
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
How does a reverse mortgage compare to a traditional one?
A reverse mortgage is compares to a traditional one in that it actually pays the homeowner rather than the homeowner having to make payments. A reverse mortgage is for those that are 62 and older and becomes payable after the homeowners death.
What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
What do you call it when someone pays back a loan quickly?
A sudden debt pay off is when someone pays back a loan quickly.
What if your home is destroyed and you have a reverse mortgage who pays the real estate tax?
You do.You do.You do.You do.
Who pays the loan on my mother's house after her death?
The estate pays the cost to maintain the estate. The house may have to be sold if the mortgage cannot be paid. If someone wants the house, they may wish to pay the mortgage.
What is an insured home loan?
You can buy special life insurance which pays off your home mortgage if you die.Maybe that is what you meant by "insured home loan".
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
What does 'balloon mortgage' mean?
The term 'balloon mortgage' refers to a type of loan where one pays off the majority of the capital at the end of the term. You pay the interest in the meantime.
What do you call it when someone pays back a loan quiclky?
Surprising
Who pays real estate taxes on a reverse mortgage?
The owner of the home that still occupies the home and has the reverse mortgage is still responsible for maintaining the home and for paying the property taxes, and all other expenses in keeping the home in good condition.
If the second mortgage foreclose who pays the first loan?
If the second mortgagee forecloses and takes possession of the property it must pay the first mortgage or if they sell to a third party that party takes the property subject to the first mortgage.
