What to do about a reverse mortgage in an estate situation?
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What to do about a reverse mortgage in an estate situation?
My husband’s aunt died. She is predeceased by her husband, no children. She willed her real property to a cousin with a 30-day survivorship clause. He died 28-days after her. A reverse mortgage was completed with the funds deposited 3 weeks prior to her death. Now what happens?
Asked on June 15, 2012 under Estate Planning, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. I think that you need to speak with an attorney to help you here. If the cousin did not survive as per the Will then the house is still part of her estate. If the funds for the reverse mortgage were not used then the personal representative could either return them or possibly pay off the reverse mortgage. Or see the house and pay it off. There are probably options but in this type of forum it is hard to tell what they all are.
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