Posted on: 04th May, 2006 01:21 pm
My father is 70 and applied for a reverse mortgage. He owns his 45,000 home, but I am curious who will own the home if he should die?
The loan must be satisfied upon death. If the loan can be satisfied without sale of the house, you may do so.
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Hi Caroline,
Welcome to MortgageFit Forums.
Reverse mortgage doesn't get transferred to the heirs. So if your father or the last survivor on the reverse mortgage dies, then the mortgage needs to be paid back to keep the home.
The home may be either sold to pay off the loan or the mortgage has to be refinanced in your name.
Feel free to ask if you have more doubts. For more detail refer reverse mortgage section.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
Reverse mortgage doesn't get transferred to the heirs. So if your father or the last survivor on the reverse mortgage dies, then the mortgage needs to be paid back to keep the home.
The home may be either sold to pay off the loan or the mortgage has to be refinanced in your name.
Feel free to ask if you have more doubts. For more detail refer reverse mortgage section.
God bless you.
For MortgageFit,
Samantha
Caroline,
If there is a reverse mortgage on the home then the loan becomes due and payable upon death of the borrower. So, you will have to pay off the loan balance if you want to keep the home with you.
James
If there is a reverse mortgage on the home then the loan becomes due and payable upon death of the borrower. So, you will have to pay off the loan balance if you want to keep the home with you.
James