Posts Tagged 'heirs'

How does a reverse mortgage work for heirs?

January 19, 2017     no comments

Question #1 HOW MUCH INTEREST IS ACCUMULATED ON A $100,000 REVERSE MORTGAGE AT THE END OF 10 YEARS TO PAY BACK.. Question #2 WHAT IF YOUR HOUSE PROPERTY DEVALUES WAY BELOW AMOUNT GIVEN AND YOU HAVE NO WAY TO ECONOMICALLY PAY BACK..EA.HOUSING SLUMP.... Question #3 HOW DOES A REVERSE MORTGAGE WORK FOR MY HEIRS? IS IT POSSIBLE TO PUT ONE...
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Reverse Mortgage Heirs: How Much Will You Owe?

June 10, 2016     28 comments

Today we received a question that came across one of my blog posts "The Pros and Cons of the Reverse Mortgage" This is an excellent question that I'm sure most heirs have when families may be considering the reverse mortgage. "My grandma is 76, retired once but had to start working again to keep up with the property taxes. My...
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Do Heirs Have Any Recourse to a Reverse Mortgage?

February 19, 2016     no comments

A browser Donn H. has sent the following question(s) in the ask experts blog. My mother passed, age 92, She and my stepfather, married 14 years, obtained a reverse mortgage on the house she has owned for 50 years about 6 years ago.. She left my brother and me the house upon her death. My brother is the executor. The...
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Notify Death of Spouse Holding Reverse Mortgage?

February 11, 2016     no comments

My ex-husband just died. There was a reverse mortgage on the house. When we applied for the reverse mortgage, the lender told us to take me off of the deed because I was eleven years younger than him. She told us to wait three months and put me back on the title. We did this. I live in another state....
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How to Handle a Reverse Mortgage After Death?

November 26, 2015     no comments

Emery N.  has sent the following question(s) in the ask experts blog. I am a 65 year old disabled person. I have been living with and taking care of my mother for 23 years. She took out a line of credit type of reverse mortgage, from Financial Freedom; only in her own name. She passed away a little over 3 months...
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Reverse Mortgage in Foreclosure After Leaving Home Permanently

March 12, 2015     2 comments

when you move out of your home while having a reverse mortgage do you have a certain amount of time to sell the house or is it due asap? Hello Deborah, The reverse mortgage loan is governed by the terms of your legal documents.  In other words, the agreements you made with the lender and with HUD...
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Can You Access Reverse Mortgage Funds Left After Death?

November 24, 2014     2 comments

My mother had a reverse mortgage since 2007. Her house at the time was appraised for $510,000. Her credit line was approximately $340,000. To date, she received payments totaling approximately $270,000 with $78,000 remaining available. We received a phone call from an appraiser for the bank a day after her funeral looking to set up an appointment to inspect...
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Helping Parents with a Reverse Mortgage? | What to Consider

June 29, 2012     2 comments

Question from our reader: I would like to know, if my parents are taking a reverse mortgage, will I get something left when they die? Also can the bank charge me for that reverse mortgage or it will end will them dying? I feel a bit stupid but I’m not sure at all about that and I really would like...
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How Will a Reverse Mortgage Impact my Kids and Family?

February 10, 2012     6 comments

How Will a Reverse Mortgage Impact my Kids and Family? In researching and weighing the pros and cons of a reverse mortgage, a common question probably comes to mind: How will a reverse mortgage impact my children and family? The most important thing to remember is that your children and family will never be on the hook for repaying...
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