Mortgage Life Events guides
Death, inheritance, divorce, assumptions and reverse mortgages all change who owns a home and who owes the loan. These guides explain what lenders ask for in each situation.
Guides in Mortgage Life Events
Buying Out Siblings or Other Heirs From an Inherited Property
An heir buyout works when the ownership shares, agreed value, mortgage payoff and available financing support the same settlement.
Read: Buying Out Siblings or Other Heirs From anCan an Executor Refinance or Sell a Mortgaged Estate Property?
An executor or Florida personal representative may be able to sell or mortgage estate property when the governing documents and law provide authority.
Read: Can an Executor Refinance or Sell a MortgagedCan You Assume an FHA or USDA Mortgage?
FHA forward mortgages can be assumable by an approved buyer.
Read: Can You Assume an FHA or USDA Mortgage?HECM for Purchase: Buying a Home With a Reverse Mortgage
HECM for Purchase lets an eligible borrower buy a principal residence using reverse mortgage proceeds and a substantial buyer contribution.
Read: HECM for Purchase: Buying a Home With aHow to Cover the Seller's Equity on an Assumable Mortgage
On an assumable mortgage, the buyer usually needs to cover the difference between the purchase price and the balance being assumed.
Read: How to Cover the Seller's Equity on anInherited Rental Property With a Mortgage and Tenants
An inherited rental needs an operating handoff as well as an ownership decision.
Read: Inherited Rental Property With a Mortgage andMortgage Assumption After Divorce or Inheritance
A mortgage assumption after divorce or inheritance may let someone keep an existing loan, but the family must resolve three separate questions: who.
Read: Mortgage Assumption After Divorce orRefinancing an Inherited Home Into Your Name
You may be able to refinance an inherited home into your name once the ownership and authority needed for the new mortgage can be documented.
Read: Refinancing an Inherited Home Into Your NameReverse Mortgage vs HELOC vs Selling for Retirees
The right equity decision in retirement depends on the cash problem, payment capacity and housing plan.
Read: Reverse Mortgage vs HELOC vs Selling forReverse Mortgages in Florida
A Home Equity Conversion Mortgage, or HECM, is an FHA insured reverse mortgage for eligible older homeowners using a principal residence.
Read: Reverse Mortgages in FloridaWhat Happens to a Mortgage When the Borrower Dies?
For many ordinary home mortgages, a borrower's death does not mean an heir must immediately obtain a new loan.
Read: What Happens to a Mortgage When the BorrowerWhat Happens to a Reverse Mortgage When the Borrower Dies?
A HECM reverse mortgage generally becomes repayable after the last borrower dies, subject to any applicable surviving spouse protection or deferral.
Read: What Happens to a Reverse Mortgage When theTalk it through with Dane.
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