Can I Leave Property to an Heir if it has a Reverse Mortgage?
Full Question:
I have completed a reverse mortgage on my home. If I die, I want my ex-husband to get the house.
06/14/2010 |
Category: Real Property ยป Mortgage Sat... |
State: Georgia |
#22391
Answer:
It is possible to leave a house with a reverse mortgage to an heir named in a will or a beneficiary of a trust, although on your death, the loan will need to be repaid. It may also be possible to add the ex-husband to the deed as a joint tenant with right of survivorship. Joint tenancy is a form of ownership by two or more individuals together. It differs from other types of co-ownership in that the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. We suggest checking with the lender before adding the ex-husband to the deed on the property, as a transfer may trigger a due on sale clause that accelerates the loan and requires payment in full to be made.
