The lender does not automatically take over ownership of the home when the borrower dies, although the person who inherits the home must pay off the reverse mortgage loan. When heirs sell the property to pay off the loan, any remaining equity in the home is theirs once the loan is satisfied.
Reverse Mortgage Heirs | Upon Homeowner’s Death – In a reverse mortgage, a homeowner receives monthly payments, several lump sums, or one lump sum. In both a conventional mortgage and reverse mortgage, the house is the collateral for the * Homeowners should have a will to spell out how property ownership rights are transferred upon death.
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Aline Lajoie obtained the reverse mortgage in 2006 to pay off an.. and receive any additional proceeds from the sale through the deceased.
Upon the death of the last remaining reverse mortgage borrower, the family has the right to keep the property or sell it and if the home is not worth enough to pay off the entire mortgage, the heirs are not liable for any shortfall on a bona fide sale to a third party due to the non-recourse nature of the loan.
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When the last remaining borrower dies, the reverse mortgage becomes due, right? Actually, it’s slightly more complicated. Since most lenders will periodically check on the status of the borrower(s), they will probably learn of the death shortly after it happens.
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A reverse mortgage is a federally insured loan that provides homeowners with monthly cash payments based on the amount of equity they’ve built up in the property. While this can be a great tool for retirees who want an additional stream of income, it can spell trouble for whoever inherits the property after the death of the original owner.