my folks had a RM and when the surviving spouse passed, the process was rather simple. Since the RM was approved/backed by HUD, they had to follow the federal rules. When I called to inform them of my dad's death, they sent me a letter and package in about 3 weeks laying out three options: 1) sell the house, and pay off the mortgage balance; 2) keep the house, and get a new mortgage (or pay cash) to replace the RM; or, 3) give them the keys, sign over the deed, and walk away.
Dad;s net equity was about 50% of the value, so we chose #1.
Dad's docs did not allow for borrowing to exceed xx% of equity, so no way he coudl have borrowed up to 100%.
Dad;s net equity was about 50% of the value, so we chose #1.
Dad's docs did not allow for borrowing to exceed xx% of equity, so no way he coudl have borrowed up to 100%.
Statistics: Posted by Big Dog — Thu Feb 06, 2025 8:51 pm