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Who Owns this Home?

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fairdae Joined: 17 Nov 2008 Posts: 1 1.51 Dollars($)	Posted: Mon Nov 17, 2008 3:52 pm    Post subject: Who Owns this Home? Like 0 Dislike 0 My Deceased husband has a reverse Mortgage loan in his name alone. My name alone is on the title. What are my obligations to this loan if any? Who Owns this Home? Am I liable for deceased husbands reverse mortgage debt?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 17, 2008 7:35 pm    Post subject: Like 0 Dislike 0 Hi fairdae! Welcome to forums! With the death of your husband, the loan balance has become due and payable. You may either sell the property or refinance it to pay the mortgage. If the loan exceeds the value of the property, then you will only pay the value of the property. If you are 62 years and above of age, you may also take a reverse mortgage in your name and pay off the old one. Feel free to ask if you have further queries. Sussane

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