What will happen for folks who inherit our house and you are not a good co-debtor
The reverse mortgage loan just becomes due and you may payable if past thriving co-debtor becomes deceased or forever moves from the house. When this occurs, you otherwise your heirs would need to repay a full mortgage balance, sell the house, otherwise action the home to the lender.
Unclear whether you are an excellent co-borrower? Browse the reverse home loan documents, to see your own identity indexed together with the brand spanking new borrower. you might have gone to reverse financial counseling in the event that loan are applied for. In the event your identity actually into the documentation, you might be most likely not a great co-debtor. In such a case, other laws tend to pertain when inheriting your house.
If you keep meeting their reverse home loan obligations, plus investing fees and you may insurance and utilizing our home as your first household, you can delayed repayment given that a good co-debtor.