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LindaH
Florida
1754 Posts |
 Posted - 01/11/2013 : 2:31:07 PM
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The lender won't get the full $85,000.00 - the lender will only be entitled to a payback of the amounts advanced, plus interest.
The heirs/family are going to have to (a) sell the house or (b) refinance. The loan will have to be paid off. As for the excess over and above what is owed the lender, it will go into their estate and, subsequently, to their heirs at law.
Hope this helps.
Linda
http://www.columbiacountynotary.webs.com |
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judyweddle
Washington
7 Posts |
Posted - 01/11/2013 : 1:55:42 PM
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the old folks that signed the reverse mortgage had a question i didn't have an answer to.
the house was valued at $85,000. the disbursement was $50,000 with a $43,000 lien pay off and $7,000 to the borrower. the settlement costs were more than $6,000. both borrowers were in poor health. so their question was, if they were to die next year, and the lender got the full $85,000 for the house, where does the other $35,000 go to?
judy weddke |
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reverse mortgage
