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Company Loan Type APR Est. Pmt.

reverse repayment

Posted on: 07th Dec, 2010 03:50 pm
when I die does my daughter repay based mon market value at the time of my death or the amount owed because I notice my house mortgage is going up it was apraised 275,000 if I live to 95 does she buy the house for the market value at the time or must she repay more than the value of the house please help
Hi Jadeorelafrancy,

Your daughter will not be liable for paying the reverse mortgage. She will either have to refinance the reverse loan into a normal conventional mortgage or ask the lender to foreclose the property in order to recover his dues.

Thanks
Posted on: 07th Dec, 2010 07:46 pm
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