Posted on: 29th Oct, 2010 06:44 pm
What happens if I use the loan to buy a second home with cash then pass away while still living in the reverse mortgage home. The lender for sure will get the reverse mortgage home but what about the other home.
If there is no mortgage on the other home, then the no one will come after it. Your heirs can file an affidavit of heirship at the county recorder's office and get the property transferred in their names.