Posts Tagged ‘what happenswhen’
Reverse Mortgages Affect Heirs in Alabama
Learn how reverse mortgages affect heirs, what happens when the borrower dies, and how Alabama families can protect home equity and choices after loss.
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Reverse Mortgages Affect Heirs in Alabama
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**The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, you are required to consult with a qualified independent housing counselor and include family members and other trusted advisers before making this decision. This information is not from HUD or FHA and was not approved by HUD or any government agency.