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Transparency about reverse mortgages in event of death

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Mortgage Professional America | 08 Jul 2015, 08:50 AM Agree 1
Transparency is key when discussing reverse mortgages with clients, especially in the wake of one article about what befalls these mortgages when the holder dies.
  • Anthony Camacho | | 08 Jul 2015, 09:51 AM Agree 0
    The heirs have the same options upon death of the parents if the parents had a Forward mortgage on the home. The heirs can sell the home, pay off the mortgage with assets; if any are available, or refinance. The refinance takes place after the heirs transfer the title to themselves and then refinance to pay off the mortgage.
  • Wendy Smith | | 08 Jul 2015, 10:26 AM Agree 0
    Exactly. So, what's the hype about the need to pay off a reverse mortgage when the borrower dies?
  • elvar19 | | 09 Jul 2015, 12:12 PM Agree 0
    On a relevant note - Most homeowners overpay on their mortgages. The startup I work for ( http://bit.ly/1KRNtYJ ) deals with this, and a lot more. It frequently and automatically offers homeowners the cheapest options for their mortgage, and it determines if it is a good time to refinance. The platform does the same for home insurance, property taxes, bills, services, and a lot more aspects for your home. The benefits it offers are completely free to the homeowner. We charge insurance and mortgage companies, not you.
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