What happens to any remaining equity when someone dies, moves, or sells a home? Will there be anything left to his or her heirs?
Once all parties on the deed dies, sells a home, or no longer lives in a property as their primary residence, the borrower or their heirs must repay the balance due on the Reverse Mortgage or sell the home. If they sell the property, any equity remaining will go to the borrower or their heirs.
We recommend speaking with your financial advisor to understand how to best incorporate a reverse mortgage into your estate planning.
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.
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Other Popular Reverse Mortgage Questions:
What are some basic qualification parameters?
How much cash can I get and how do I get paid?
What happens to my debt and what is the maximum I can owe?
Will there be anything left for the borrower or their heirs once the property is sold or the borrower no longer uses the home as their primary residence?
What are some of the costs associated with reverse mortgages?
Will receiving payments affect one’s Social Security, Medicaid, or Medicare benefits?
Who owns the property, the lender or the borrower?
Is it possible to refinance a reverse mortgage if a better opportunity becomes available?