equity loans
Home equity loans what happens when my mother dies?
My mother, who is 85 got a home equity loan instead of a reverse mortgage. They told me today that when she passes the full amount is due and payable? Basically, we can not just keep making the payments. Is this true? Only holding the loan if the house could stay in the family and not be lost in the time of his death? Wat a good choice as the input would be appreciated.
When mother leaves and the house becomes yours, you win a new line to pay the old or get a new mortgage that will be profitable line of equity and any mortgage. The line of participation may or may not have been a good idea, but it is not worse than ever. Call your mortgage broker and have a conversation about this topic for more information.
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