Knowing what happens to your debt when you die likely won’t. then the spouse may be liable for the debt. The rules vary on mortgage debt after the mortgage holder dies. In general, the mortgage.
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It seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. The reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many homeowners and their heirs have on their minds as many of them intend to keep the loan and the home for life.
When a mortgagee dies, there are a variety of possibilities as to what may occur. If there is a cosigner on the loan, paying the mortgage will be his or her responsibility. The person who inherits your house will also usually be able to continue paying the mortgage after you die.
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If a mortgage holder dies, the inheritors of the estate cannot legally be forced to pay the balance of the mortgage immediately. If the deceased individual’s estate contained enough assets to.
Assuming that you die with a portion of your mortgage’s balance outstanding, it’s unlikely that any of your family members will be obligated to make any direct payments on it. However, the responsibility for paying the remaining balance of the loan may devolve to the person who cosigned the loan with you.
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Specifically, after the original borrower dies, the person who inherits the home may be added to the mortgage as an obligor (a borrower) without triggering the Ability-to-Repay rule. What is the Ability-to-Repay rule?
If an individual dies while still owing money on a secured loan, such as a mortgage, the executor of the deceased’s will or his next of kin must inform the lender of the death and provide it with a copy of the deceased’s death certificate.
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The mortgagee extends financing to the "mortgagor," who is the homeowner or borrower in the This is why hazard insurance is required when you take out a mortgage, to protect the lender if something bad happens to the property.