On a reverse mortgage on condo who pays property taxes and dues after death of owner

This is a great question. Most lenders do not educate the borrowers prior to originating an RM, as to who will have to pay these costs in the event the borrower dies. The responsibility would fall onto the deceased's estate. Part of the original documentation the borrower signed when they initiated their RM, was them stating they would pay and keep current all property taxes, insurance premium's, and association fees/dues. When the borrower dies, and there's equity in the property, the estate can sell the home, payoff the existing liens, including any unpaid association fees, and taxes, and what ever is left over goes to the estate.. However, if there is no equity or negative equity, then the estate can hand the keys over to HUD, and there is no recourse against the estate, but this is only in regards to the mortgage.. the estate will still have to pay the taxes and fees since that was the original agreement the borrower initially accepted.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Yes, the estate is responsible. If you are in the market for or considering a reverse mortgage make sure that you utilize a lender that will fully answer all these questions you have, INCLUDING options that don't involve a reverse. It is a great product for the right situation, but is not for everyone. I'm happy to help with the financing or just give you advice. So if you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

The estate would. There is also a limited time to pay off this Reverse Mortgage. The attorney handling this estate should be in contact with the current holder of this Reverse Mortgage.

There may be ways to eliminate any payment from the decedent's estate. If a family member has died, and you are handling the estate matters, please contact me for more information. I am a specialist in reverse mortgages and probate.Dave Metsker, 503-620-2239

It depends on your plans. If the home (SFR/condo/Townhome) has equity and the estate's executor intends to keep or sell it to retain that equity, then the estate is responsible until it the property sells. However, if their is no equity, one of the advantages of a reverse mortgage is the ability to return it to FHA/HUD with no liability. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950