WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

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WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

Post  Linn F on Thu Feb 07, 2008 1:01 pm

My son has built onto my original house and I have an apartment with a door leading straight into his home from mine. It is a great arrangement I have my space and he and his family has their's. I took out a reverse loan some years ago will he have to move when I die or can he still live in the house and make other arrangements. He doesn't know about the loan and I'd like to find out before I say anything.

Linn F

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Re: WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

Post  Nini Stone on Fri Feb 08, 2008 1:11 pm

I was told your heirs will inherit your home if that is how your will is written. How they choose to repay the HECM loan is up to them.

Nini Stone

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Re: WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

Post  Sun Shine on Fri Feb 08, 2008 1:41 pm

Your heirs will inherit your home. How they choose to repay the HECM loan is up to them.

Once the H.E.C.M. has been repaid, the lender retains no further claims. Any remaining equity, along with your home’s appreciation, will pass on to your heirs according to the terms of your will or Living Trust.

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Re: WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

Post  Paul Jamison on Fri Feb 08, 2008 2:21 pm

I'm sure your son is under the impression that he is going to be left the home after your death. The easy way out for you is to not tell him now and have him get upset. However it would be far worst to let him deal with your death, and the loss of his family's home at the same time. If you told him what had been done I'm sure you could all sit down and make out some plan. Good luck.

Paul Jamison

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Re: WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

Post  Marc Johnson on Fri Feb 08, 2008 2:52 pm

Please tell your son, he might be upset for awhile, but he'd know what he is working with. It would be such a tragedy for you to take the easy way out for yourself and leave him in so much pain. I don't understand how you could even think of not letting him know, even if you don't want his wife to know. Things may not be as bad as you think and he might be able to work something out with the bank ahead of time especially with interest rates going down.

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Re: WILL MY HEIRS HAVE A CHOICE IF THEY WANT TO KEEP THE HOME

Post  Ralph J on Fri Feb 08, 2008 3:23 pm

Yes you heirs will have a choice. I like the others would like for you to tell your son. He loves you and this will give him time to figure out what to do. He may already have everything figured out but please tell him.

Ralph J

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