If my daughter inherits my home which has a reverse mortgage on it,does she also inherit the debts (mortgage balance) on the house?
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If my daughter inherits my home which has a reverse mortgage on it,does she also inherit the debts (mortgage balance) on the house?
Asked on June 7, 2014 under Estate Planning, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
She will inherit the home subject to the reverse mortgage which will be due and owing. Once you pass there are three repayment doors open to her: She can pay off the mortgage balance in full with estate or other funds; she can pay off the balance of the reverse mortgage in full by obtaining a "forward" mortgage on the property (taking out a regular mortgage that will cover paying off the reverse mortgage) or pay off the reverse mortgage with the proceeds from selling the property. Good luck.
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