In the new report, Berkshire Hathaway PenFed Realty’s Marc Cormier outlines the various requirements that an inheritor of a reverse mortgaged property has and their options for handling them.
More information is available at https://guidetoprobate.com/uncategorized/inheriting-a-house-with-a-reverse-mortgage-what-you-need-to-know/
With the recently released report, readers will be able to better navigate the Maryland real estate market when dealing with an inherited house, with a timeline on the main deadlines and milestones they need to be aware of.
While reverse mortgages are a popular option for those wishing to get a loan, when the homeowner passes away, their heirs can find themselves burdened with costly repayments as the balance becomes due. Many individuals can be unsure of their rights and options when this occurs and seek guidance on what they can do.
To give heirs a breakdown of the main things to know, Berkshire Hathaway PenFed Realty and Marc Cormier have developed a short, informational guide.
The report initially explains the most common circumstances that arise upon the death of a family member with a reverse mortgage. This includes details on what happens if there is a surviving spouse who can take on the reverse mortgage or if an heir becomes the owner of the property and therefore is required to pay the balance.
As the report explains, there are several options for dealing with a reverse mortgage, including selling the property, taking out a forward mortgage, and paying off the balance in full. These factors are often dependent on an individual’s personal circumstances and any prior agreements between the deceased and the heir.
Readers in Maryland who find themselves in this situation are encouraged to find professional guidance and support from an estate planner, financial adviser, or probate specialist. Having been working in real estate for over 20 years, Marc Cormier has both the local area knowledge and industry expertise to assist clients with all aspects of the probate process, including handling inherited reverse mortgages.
Commenting on the process, Cormier said, “Inheriting a house with a reverse mortgage can be complex, but by understanding your options and seeking guidance, you can navigate the process and make informed decisions.”
Marc can be reached at (301) 660-6272 x 711
Interested parties can find more information by visiting https://guidetoprobate.com
Berkshire Hathaway Pen Fed Realty
10319 Westlake Drive
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.