How does an unrelated descendant of property secure ownership when unqualified to reward sour reverse mortgage loan?
borrower has passed away, and the single (unrelated) heir of property cannot buy sufficient funds short of selling said property. and is wonder: does a new morgage start where the remaining equidy stands? and can a loan be aquired to repay off the reverse mortgage loan?
Answers:
You have to reward the loan. You can either refinance it, if you qualify, obtain the lolly from another source or sell the property to pay the loan. Also, any other bills within probate would need to be paid back you take ownership as the assets are only distributed after the debit are taken care of.
You would owe the reverse mortgage so would have to pay cheque it off with a spanking new loan or cash.
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Answers:
You have to reward the loan. You can either refinance it, if you qualify, obtain the lolly from another source or sell the property to pay the loan. Also, any other bills within probate would need to be paid back you take ownership as the assets are only distributed after the debit are taken care of.
You would owe the reverse mortgage so would have to pay cheque it off with a spanking new loan or cash.
Related Questions:
Getting a mortgage loan contained by this souk?
I own a home I bought back in 2000. I am looking to buy a current home by this Summer. Is it much harder to get loan now? My dad keep telling me that buying a home now and getting a loan is a...