What Happens At The End Of Reveres Mortgages? - revere mortgage champaign
Well, my parents revered in their mortgage, subject to age and wants to make to leave the house for his granddaughter. she is 2 years. You may stay at home until they over 18 years, while the payment of the loan? Or is your mother and father will not pay immediately? Or just go home at the end? What will happen? This is due in California
Friday, January 1, 2010
Revere Mortgage Champaign What Happens At The End Of Reveres Mortgages?
1 comment:
Kemperk only partially correct. The reverse mortgage remains in force until the house is sold or dies, the owner of the last note. Then, the loan must be repaid. In other words, if your mother survived her father, she can stay at home without recourse to the death.
If you want to go home to his granddaughter, the loan is still due and payable at the time of death. The house must be sold or reverse mortgage needs to be converted into a traditional mortgage. You can not reverse mortgage that way. However, reverse mortgages can be converted into a traditional mortgage for his parents in his name as executor of the estate of their parents.
This is one of the few disadvantages of a reverse mortgage. What makes the property tax in relation to their heirs. On the other hand, allow them to enjoy a lifestyle that would be possible not only for a reverse mortgage.
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