How to protect children from foreclosure?
Date: Fri, 08/02/2013 - 05:03
How to protect children from foreclosure?
I have a house in THEODORE, Alabama where I'm living with my family fast past 3 years. My health condition is not very good. I may have to leave this world very soon. I'm scared for my children. My 2 daughters are divorced and unemployed. They won't be able to pay off the reverse mortgage after my death. What should I do to help my children avoid foreclosure? I won't be there in this world after a few months, but my daughters will. I don't want them to suffer because of me. Do I need to change the will?
From the hud site
From the hud site
Will we have an estate that we can leave to heirs?
When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid. All proceeds beyond the amount owed belong to your spouse or estate. This means any remaining equity can be transferred to heirs. No debt is passed along to the estate or heirs.
Your daughters need to get jobs and fend for themselves so you do not have to worry.
