Posted on: 17th Jan, 2005 02:02 am
Before you select a reverse mortgage, you should think again for your heirs. They need to be informed of the details of this deal. This is because, in reverse mortgage you keep getting a certain amount and you never pay back anything. Thus the home equity keeps decreasing. Yet the debt can never exceed the value of the house. The lender will always get the lion's share leaving barely anything for the heirs. The options for the heir after the debtor dies are:
- Repay the loan balance and regain the house.
- Sell off the house and pay off the loan with the proceeds. Keep the rest if any.
- Refinance the mortgage by some other package, which allows repayment.
Not it you're giving it back to your Lender. If you're not interested in keeping the property, tell the Lender you'd like to give the Deed back to them, in lieu of foreclosure.
they are not responding. they switch us to someone new every time we sent the letter that we don;t want,we call and no one seems to know what to do. mary
Who is the Lender?
wells fargo
hi maryp!
welcome to forums!
if you are the heir to the property on which there is a reverse mortgage, then you may refinance it in your name and pay off the reverse mortgage. this will make you the new owner of the mortgage and then you can pay off the loan payments on a regular basis and save the property.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you are the heir to the property on which there is a reverse mortgage, then you may refinance it in your name and pay off the reverse mortgage. this will make you the new owner of the mortgage and then you can pay off the loan payments on a regular basis and save the property.
feel free to ask if you've further queries.
sussane
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