FHA Reverse Mortgage Heir Options

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FHA Reverse Mortgage Heir Options – This is a place for the community to provide tips and advice on FHA Reverse Mortgage Heir Options. This topic was created by Anders Malm and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - Reverse Mortgage and Your Heirs | One Reverse Mortgage

Published: 9 years, 6 month(s) ago | Submitted by Lois Corrin | permalink

Tags: heirs and your reverse mortgage,heirs information with reverse mortgages,heirs options with your reverse mortgage,reverse mortgage and your heirs,reverse mortgage heirs information,reverse mortgage info

For further reading: https://www.onereversemortgage.com/reverse-mortgage-blog/2013/05/reverse-mortgage-and-your-heirs/ ^[1]

Tip 2 - Will my children be able to keep my home after I die or move out permanently, if I have a reverse mortgage loan?

Published: 9 years, 6 month(s) ago | Submitted by Hazel Byer - Horsford | permalink

It depends on whether they can pay off the reverse mortgage loan. Most reverse mortgages today are insured by the Federal Housing Administration (FHA)’s Home Equity Conversion Mortgage (HECM) program. A HECM reverse mortgage loan must be paid off completely when the last surviving borrower dies or no longer lives in the home. If your heirs don’t want to, or cannot afford to, pay off the loan t

For further reading: http://www.consumerfinance.gov/askcfpb/242/will-my-children-be-able-to-keep-my-home-after-i-die-or-move-out-permanently-if-i-have-a-reverse-mortgage-loan.html ^[2]