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What Happens to Reverse Mortgage When You Die | Reverse Mortgage After Owner Dies

What will happen to my reverse mortgage when I die? This is a common question. What happens when I die and I have a reverse mortgage? For information on Aging in Place, Reverse Mortgage options, paying for home health care and other useful tools for keeping a place to live for the rest of your life, visit http://www.charlesguinn.com. Call Charles directly at (310) 616-6965 The Home Equity Conversion Mortgage, that we commonly call a reverse mortgage, only has one payment during the life of the loan, and that is due when the borrower no longer lives in their home. Often that is when the homeowner dies, or if a couple, when the last surviving spouse dies. Both the principal and the accrued interest are collected at that time. Normally the property is more valuable than the amount of the loan, and often the heirs wish to sell the property and have the cash. The government agency that regulates reverse mortgages, the Department of Housing and Human Development, HUD, realized that to pay off the loan immediately may force the heirs to sell the home quickly and lose money. So they allowed the heirs more time to settle the debt. The heirs have up to one year, with HUD approval, to finally settle the payoff while they attempt to sell the property and get a fair price. To illustrate this, let’s take a homeowner living in Riverside County, California. In 2006 she got a reverse mortgage to pay off her existing mortgage, and at that time her home was valued at $300,000. Then she lived comfortably without mortgage payments for the next 5 years. In 2011 she became ill and passed. Well the 2007 housing crisis hit Riverside County pretty hard. The home values went down 60%. So when her kids inherited her home, it was only worth $120,000. They could walk away if they wanted, but they loved the place, were comfortable there, and wanted to keep it. All they had to pay to satisfy the loan was $114,000 – 95% of the current market price. They arranged financing and with a $22,800 down payment, they were able to keep their mom’s home. Reverse mortgages really can help people have a comfortable, secure place to live, and if the heirs know their rights, they can have happy endings too. If you feel that this information was useful, you may be interested in seeing my other videos at my YouTube Channel or my website. Here is a partial list of titles. A reverse mortgage, when used properly, can provide you with a secure place to live for the rest of your life. All you have to keep up is the taxes, insurance, and keeping your home livable, just as you have to do now with or without a mortgage. But, just as with other financial products, if used wrong, it can be devastating. That’s why I stress that you should not get financial products, like investments, insurance, or mortgage loans on the internet or over the phone from a salesperson on an 800 number call center. Make sure you know the qualified professional you are dealing with. Where they are located. How to contact them after the loan closes. And, know that they are dedicated to doing what’s in your best interests. That should include telling you not to get a reverse mortgage if it is not the right thing for you. For more information about reverse mortgages, you may see my website, charlesguinn.com, or call me and ask your questions. I’m happy to talk with you. Thanks for watching

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