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The Water Cooler
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Reverse Mortgages
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<blockquote data-quote="BadgeBunny" data-source="post: 1328383" data-attributes="member: 1242"><p>I can answer that. IF the heirs have to probate the estate then the ESTATE will have to make up the difference. So, yeah, technically the heirs would lose whatever inheritance they might have had that is equal to the deficiency of the RM.</p><p></p><p>Now whether a home being leveraged in a RM requires a probate of an estate (and it seems to me the bank would place a requirement in the fine print to protect itself) I am unsure of.</p></blockquote><p></p>
[QUOTE="BadgeBunny, post: 1328383, member: 1242"] I can answer that. IF the heirs have to probate the estate then the ESTATE will have to make up the difference. So, yeah, technically the heirs would lose whatever inheritance they might have had that is equal to the deficiency of the RM. Now whether a home being leveraged in a RM requires a probate of an estate (and it seems to me the bank would place a requirement in the fine print to protect itself) I am unsure of. [/QUOTE]
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