If the homeowner dies, what happens to the contract? Basically, the agreement “follows the home,” no matter who the new homeowner is. Generally, the heir(s) have the option of continuing the home equity sharing agreement or concluding it — either by selling the property or paying back...
What happens if I’m not able to pay my property taxes or insurance or maintain my home? Is a reverse mortgage my best option? Alternatives to a reverse mortgage If the costs and risks associated with a reverse mortgage aren’t for you, there may be other ways of accessing cash. Unfortu...
It’s important to have a plan in case something unexpected happens to hurt your home. Setting aside funds in a savings account is a smart place to start. But what if you don’t have the savings, or don’t want to spend it? You can alsofinance emergency repairsby borrowing against you...
If the price seems too high, we’ll share the information we have about the buyers in our pipeline, including what we know about their price ranges. But the seller can choose to proceed with the price they’ve set and see what the market will bear. What happens if a share isn’t ...
The reverse mortgage allows the homeowner to access the equity in their home while still living in it, with no monthlymortgage payment. The mortgage payment is deferred until the owner dies, the property is sold, or the owner moves. The amount owed is deducted from the sale of the house,...
Seeing maggots in your home is upsetting and requires action. Here’s what maggots are, where they come from, and what to do when you have them.
The lengthy term of a home loan allows payments (and home ownership) to be affordable. If mortgages only lasted 5-10 years, the monthly payments would be sky-high. And surely home prices would fall. Bank/Lender—>Mortgage—>Homeowner ...
You might wonder what happens when you sell a home with a reverse mortgage. It is not much different than having a traditional home loan. When you sell the house, you pay the mortgage loan balance upon which the lender will close the account. The owner would keep the remaining equity. ...
Exit strategies:Nobody wants the worst-case scenario happening, but sometimes life just happens. Being prepared with an exit strategy might make a difficult situation a little simpler, whether that’s the end of a friendship or a financial hardship. This may mean agreeing that one owner will ...
In a trust account, a remainderman receives the principal remaining in the trust. However, this transaction only happens after all the required payments have been made, such as expenses. Key Takeaways The remainderman is the person who inherits property after the termination of a life estate. ...