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  1. #1
    Join Date
    Nov 2008

    Reverse Mortgages

    What is a reverse mortgage?

  2. #2
    Join Date
    Jul 2009

    Re: Reverse Mortgages

    We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes away when a reverse mortgage is secured by the property.
    This is a question that comes up with nearly every client of ours when discussing the option of a reverse mortgage. And there's good reason for it. This loan is designed exclusively for older adults aged 62 or older. Seniors want to protect their estate and make sure that they are not making a decision that will harm their legacy when bequeathed to their heirs. So, what happens when the last surviving spouse passes away? The lender is generally notified of a borrowers passing by the family, heirs / estate, by "death audit" service, which compares the lender's database against other databases including the social security death index, or other methods available. Once the lender has confirmed the death of the last surviving spouse, a letter is sent to all known heirs. The letter acts as a repayment notice that informs the estate / heirs that the mortgage is due and payable as well as all of the options available for satisfying the loan obligation.

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