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.
Only if they had mortgage insurance.
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.
Yes, if someone pays your mortgage on your behalf, it is considered income for tax purposes.
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.
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.
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
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.
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
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.
The funds from the new mortgage are advanced to your solicitor who pays out the current first mortgage.
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Term life insurance provides a death benefit to beneficiaries if the insured person passes away during the policy term, while mortgage insurance pays off the remaining mortgage balance if the insured person dies before the mortgage is fully paid. Term life insurance is more flexible and can cover various expenses, while mortgage insurance is specific to the mortgage loan.