Posted on: 28th Dec, 2010 09:08 pm
Are heirs responsible for reverse mortgages that exceeds the properties value at the time of their parents death
hi noelle,
unless the heirs refinance the reverse mortgage that their parents have taken out, they are not responsible for the payments. the heirs can surrender the property to the reverse mortgage lender and he will sell it off in order to recover his dues.
thanks
unless the heirs refinance the reverse mortgage that their parents have taken out, they are not responsible for the payments. the heirs can surrender the property to the reverse mortgage lender and he will sell it off in order to recover his dues.
thanks