All Reverse Mortgage’s CEO Michael Branson penned another excellent column in Forbes- this time addressing how heirs and adult children can transfer a HECM property to the new owner and what paperwork is needed to ‘walk away’ from the home and the outstanding mortgage balance.
[READ FULL ARTICLE HERE]
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It’s no secret. Many of our past borrowers will pass away during our tenure as reverse mortgage professionals. Knowing this shouldn’t we prepare our borrowers and heirs on how to unwind the reverse mortgage?
A recent article in BankRate entitle “Here’s what happens to their reverse mortgage after your parents die” spells out the challenges and process. Columnist Marcie Gaffer writes “As more seniors turn to reverse mortgages, their adult children might well be puzzled or concerned about what will happen to that debt when one or both of their parents eventually dies. At that time, question about how to pay off the loan will need to be resolved–and relatively quickly.”
Download a transcript of this episode here.
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