FAQ What happens when you have a reverse mortgage and the owner dies?
Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
What happens when you have a reverse mortgage and the owner dies?
When the owner of a reverse mortgage passes away, the loan must be paid off. If the beneficiaries want to keep the house, they can refinance the loan, or use other assets to repay the loan. If they don't want to keep the house, they can sell it. If the market value of the house is less than what is owed on the reverse mortgage loan, the property can be returned to the lender without any recourse. The heirs are not responsible for repaying any remaining balance on the loan.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
Is there an alternative to a reverse mortgage?
Yes, there are a few alternatives to a reverse mortgage. These include taking out a traditional mortgage, a home equity loan or line of credit, selling and downsizing, or renting out part of the home. Each option has advantages and disadvantages that should be considered before deciding.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
Does reverse mortgage affect Medicare?
No, a reverse mortgage does not affect Medicare eligibility. However, the proceeds from a reverse mortgage may be counted as income when determining eligibility for certain government programs such as Medicaid. Therefore, discussing any potential impacts with your financial advisor before taking out a reverse mortgage is important.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
When should you not get a reverse mortgage?
Generally speaking, a reverse mortgage should not be considered if you plan to move out of or sell your home in the near future.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com

Reverse Mortgage Resource Center - 385-503-2224 - https://reversemortgageresourcecenter.com
What happens when you have a reverse mortgage and the owner dies?
When the owner of a reverse mortgage passes away, the loan must be paid off. If the beneficiaries want to keep the house, they can refinance the loan, or use other assets to repay the loan. If they don't want to keep the house, they can sell it. If the market value of the house is less than what is owed on the reverse mortgage loan, the property can be returned to the lender without any recourse. The heirs are not responsible for repaying any remaining balance on the loan.
Our team of experts is dedicated to answering any questions and concerns. Give us a call to schedule a no-obligation consultation, and let us show you how a reverse mortgage can benefit you.
Reverse Mortgage Resource Center
11240 River Heights Dr Suite 100
South Jordan, Utah 84095
385-503-2224
https://reversemortgageresourcecenter.com
Show More
Sign In To Comment
Comments
Show Transcripts