Reverse Mortgage After Death

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In this podcast we talk about "reverse mortgage after death".  When someone owns a home it can either be free and clear with no loans or it may have a conventional loan or any other type of mortgage loan like a reverse mortgage.  The homeowner decides what they want to happen to their home after they pass away.   Typically, they'll create a will, life estate, trust, etc. that dictates what happens to their home after they pass away.    Most of the time the home gets left to the homeowner's kids.  When someone inherits a home with a reverse mortgage on it, they just need to inform the loan servicer of the maturity event (death of last borrower) and that the home is theirs now.  They should initiate this communication within 30 days.    Naturally, they can pay the loan balance with cash, but most people don't have that kind of money laying around.  Usually, there are 1 of 2 things that will happen:  1.  They want to keep the home they inherited to live in or use a 2nd home or investment property.  In that case, they'd need to refinance the loan into their name.  They have 90 days to get that done and can get one 90 day extension.  In essence, they have 6 months if they are refinancing the loan into their name.   2. They want to sell the home to get the equity.  If that's the case, they have 90 days, but can get three extensions.  Basically, they have up to a year to get it done.    Remember, it's all about communication.  I've seen it take MORE than a year to sell certain high end homes.  Everything worked out ok, but the new homeowners that inherited the home just maintained excellent communication with the servicer.

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You can get more info from the Lifesource Reverse Mortgage page.  LifeSource Mortgage Brokers Loans in California, Colorado, & Idaho. www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead. #ReverseMortgageAfterDeath #ReversedTV #ReverseMortgages 

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