Posted on: 23rd Jun, 2010 12:16 pm
my parents have a reverse mortgage on their home. i am the only heir and the home is left to me in a will. can the mortgage company make me pay in the event of my parents death? i don't want anything to do with it. can i just let the home go to foreclosure?
hi heinz,
after your parents' death, you need to refinance the mortgage and pay off the dues on time. if you do not do so, the lender will foreclose the property and sell it off to recover the dues. in that case, you won't be liable for the mortgage.
thanks,
jerry
after your parents' death, you need to refinance the mortgage and pay off the dues on time. if you do not do so, the lender will foreclose the property and sell it off to recover the dues. in that case, you won't be liable for the mortgage.
thanks,
jerry