If my dad has a reverse mortgage, what happens when he passes?
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If my dad has a reverse mortgage, what happens when he passes?
Besides that, all he has is one credit card with around an $8k balance. I know what happens to the house when he dies but will the credit card company take their payment out of his $10k life insurance policy?
Asked on May 4, 2013 under Estate Planning, Ohio
Answers:
S.J.H., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
It depends if the crdit card debt was ever made into a Judgment or not. If he just owes it and was never sued on it then they merely have a debt owed by the estate. If it is a Judgment already,they will have a lien on the house so when the mortgage is paid off they will be paid. The life insurance proceeds are the property of the beneficiary so they will not get that.
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