Let’s clear up a common misconception that often causes unnecessary stress for heirs of property owners: If you haven’t signed a mortgage note, you don’t owe the debt—even if the lender forecloses on the property. This issue frequently arises when heirs inherit a property with a mortgage, particularly reverse mortgages. Recently, I had a client...
Reverse mortgages can be a helpful tool for accessing home equity without selling the property. They can also be used for the purchase of property to preserve equity. However, they come with responsibilities that homeowners must manage to avoid defaulting on the loan. Whether your clients are using a reverse mortgage to address financial needs...
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