Someone asked about paying for funeral expenses with a HECM
One viewer emailed John asking if a reverse mortgage could be used to pay for funeral expenses…
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3 Comments
I am a reverse mortgage specialist with One Rose Consulting, LLC. I would like to receive more information about selling reverse mortgage to the clients in south Florida. My NMLS # 202175
Paul- we have several originators across the nation on this page. Hopefully one of them can assist you.
I heard the presentation but walk away scratching my head.
There are two cases when paying funeral costs using a HECM may be very relevant. The first is in the case of a surviving spouse who has no other source of cash and can qualify for a HECM.
The second case is where a great-grandparent, grandparent or child passes away and their estate and immediate family members lack the funds to pay for a funeral. In that case a family member who is a qualifying senior can step in and care for this family need.
In both cases, the time to process a HECM is far too slow but credit cards can be used until HECM funds can be obtained.
So I believe there are opportunities to help seniors in a family situation where there is a need for cash to care for funeral arrangements.