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Can I leave my house with a reverse mortgage to my ex-husband?

Can I leave my house with a reverse mortgage to my ex-husband?

Q: Who gets the house when you die with a reverse mortgage?

When a homeowner with a reverse mortgage dies, the property typically goes to the heirs named in the will or trust. However, the reverse mortgage must be paid off, either through selling the home or refinancing. If no action is taken, the lender may foreclose on the property to recover the loan amount.

Q: What happens to a reverse mortgage if the homeowner dies?

If the homeowner dies, the reverse mortgage becomes due. The heirs must pay off the loan, usually by selling the home or refinancing it. If they cannot repay the loan, the lender may initiate foreclosure proceedings to recover the outstanding balance.

Q: Who owns your house at the end of a reverse mortgage?

At the end of a reverse mortgage, ownership of the house remains with the homeowner until they pass away or move out. After that, the heirs or beneficiaries must pay off the reverse mortgage to retain ownership or sell the property to settle the debt.

Full question:

I have completed a reverse mortgage on my home. If I die, I want my ex-husband to get the house.

Category: Real Property
Subcategory: Mortgage Satisfaction
Date: 04/07/2025
State: Georgia

Answer:

You can leave a house with a reverse mortgage to an heir named in your will or a beneficiary of a trust. However, the loan must be repaid after your death. You might also consider adding your ex-husband to the deed as a joint tenant with right of survivorship. This means that if one joint tenant dies, the other automatically becomes the sole owner of the property. Before making any changes to the deed, check with your lender, as this could trigger a due on sale clause, requiring the loan to be paid in full.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Can you take over someone's reverse mortgage?

You cannot simply take over someone else's reverse mortgage. The loan is tied to the original homeowner, and if they pass away, the mortgage must be paid off. However, heirs may have options to refinance the mortgage or sell the property to settle the debt. It's essential to consult with a financial advisor or attorney to explore the best course of action.