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If you have an outstanding mortgage on your property at the time of your death the lender will take the property if the mortgage isn't paid. You can purchase some type of mortgage insurance or life insurance to pay off the mortgage in the event of your death. Otherwise, your heirs will need to pay it if they want to keep the property.
Wiki User
∙ 13y ago
Wiki User
∙ 16y agoYou could use the money from life insurance if she had life insurance. If not, I'm not sure what to tell you...this situation shows the cruelty of loans and credit..
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If owner of a house dies does insurance pays off house?
Only if they had mortgage insurance.
What would make a mortgage insurance premium increase?
There are many things that would make a mortgage insurance premium increase. Mortgage insurance is used when someone dies and pays money so that the mortgage will be paid. Smoking or participating in dangerous activities will increase the premiums.
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.
Who normally pays all the mortgage closing costs in a no cost refinancing situation?
When in a no cost refinancing situation the person who has the mortgage actually pays for them however they are built into the financing or mortgage itself.
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
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.
What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
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.
Who gets the money to pay off first mortgage at closing?
The funds from the new mortgage are advanced to your solicitor who pays out the current first mortgage.
Who pays the debt if your partner dies?
nobody
Is there insurance that pays mortgage if one of two owners dies?
Yes. It's called Mortgage Life Insurance or Credit Life Insurance and is sold by the lenders. But if you can qualify (no outstanding health problems) it may be cheaper to get a decreasing life insurance policy or a whole life policy on your own.
Who pays the mortgage after a divorce?
the one that stays behind.Not the one that moves out
