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Except when it comes to reverse mortgages – and we’re assuming your refinance. your father was the only person on the loan. When your father died, you automatically became the sole owner of the.
If you have a reverse mortgage and you no longer live in your home for a majority of the year, or you need to move out of your home for medical reasons for more than 12 consecutive months, you may need to repay the reverse mortgage, which could mean selling your home.
· Lora Bitting, 61, said she was crippled by sadness after her father, Jesse, who took out a reverse mortgage on his Muskogee, Okla., home, died in December. Still, Ms. Bitting contacted the lender a month later to begin the process of paying off the $194,254.34 debt, according to a copy of the letter reviewed by The Times.
A person signing up for a reverse mortgage is also able to live in the home mortgage free until they die. Now that her grandmother has died Ezernack is also able to buy the home, “You are allowed to.
· About four years ago, the owner of the house next door died. She had just gotten a reverse mortgage on it about a year before. Her heirs didn’t want to buy the house back from the mortgage company and the house has been sitting empty for four years now.
For a home where the last parent took out a reverse mortgage, when that parent dies, then the loan becomes due. There is 30 days to tell lender what you are going to do and six months essentially to sell the house and pay off the loan. The default occurs when the last parent dies and the house is ot sold.
In the past, if you weren’t listed as a borrower on a reverse mortgage and your spouse died, you were likely to end up losing your home to a foreclosure.But a District of Columbia federal court’s landmark ruling recognized the need to protect surviving spouses in this situation.
Again, remember, that repayment on the loan happens shortly after the loan holder dies. You can expect to receive a. Plus, due to the extra complications in dealing with a reverse mortgage, they.