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When a person with a reverse mortgage dies can the executor give the house to the reverse mortgage company?
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
What else can I help you with?
Where can a person get a reverse mortgage lead?
A person or a certain individual can get a reverse mortgage lead from any mortgage company that offers it. You can even get one from the company you're working with right now.
What is a reverse mortgage counselor?
A reverse mortgage counselor is there for you if you need advice or help. What you need to do is get in contact with your mortgage company and ask to speak with a counselor. They will be able to direct you to the correct person to speak with.
Can somebody other than the homeowner live with you if you have a reverse mortgage?
Another person is allowed to live with you even though you have reverse mortgage. You can have the other person help pay the mortgage.
If a person has a reverse mortgage and dies then how long do heirs have to pay off the mortgage?
The heirs must discuss that with the lender.
Can a single person qualify for a reverse mortgage?
Yes. Marital status does not matter.
Does home insurance continue to the executor after a person dies?
The executor should contact the insurance company and notify it of the death of the owner of the policy.
Who can you talk to today about prepaying a home mortgage?
You have to talk to the person or company or bank who holds the mortgage.
How is a reverse mortgage satisfied?
When the person making the mortgage dies, the property goes to the lender. Alternatively, you could pay off the amount loaned (plus fees) under the mortgage and get the property back. Hope that helps!Check here for more details:http://www.talkrefinance.com/explain-reverse-mortgage
Can a house that was inherited with a reverse mortgage then be reverse mortgaged by the person who inherited it and yes they are over 62 years old?
Yes, the person who inherited the house can choose to obtain a reverse mortgage on the property, provided they meet the age requirement of being over 62 years old. They would need to go through the normal process for obtaining a reverse mortgage, including meeting with a HUD-approved counselor and receiving the necessary financial counseling.
Why would a person be trying to find a reverse mortgage lender?
Someone might be looking for a reverse mortgage because the loan doesn't usually need to be paid back until the borrower dies or moves out of their home.
How soon does the bank usually give the heirs to get out on a reverse mortgage when the person dies?
becuse the are cool da
Does the homeowners insurance have to be in the name of the person on the mortgage if they died?
If the Homeowner has died you should notify the Insurance Company. Any policy issues can be handled by the estate executor. If you are an heir to a property in a jurisdiction that does not require transfer of deed until disposal you may purchase coverage as the owner. You should also contact The Mortgage Company. The deceased may have purchased credit life option on the mortgage finance note at the time of purchase. If So, the credit Life insurance may pay off any remaining balance on an existing mortgage note.
