What to do about a 30-day survivorship clause and reverse mortgage proceeds?
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What to do about a 30-day survivorship clause and reverse mortgage proceeds?
A reverse mortgage was completed for my husband’s aunt just prior to her death. The heir of her real property died 28 days after she did. There was a 30-day survivorship clause in the Will. What happens to the reverse mortgage funds that were deposited?
Asked on June 20, 2012 under Estate Planning, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the heir to your aunt's real property who died within 30 days after your aunt's death, his estate under what you have written does not receive the real property or any other asset of the aunt's estate.
With respect to the reverse mortgage funds that your aunt received concerning the real property, you need to carefully read the Will of the aunt as to what is to become of it or how the funds are to be used. In a nutshell, your aunt's Will dictates how her assets are to be distributed and to whom.
I suggest that you consult with a Wills and trust attorney to further assist you concerning your question.
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