My question involves real estate located in the State of: Texas
Reverse mortgage obtained by a married couple with blended family. RM is established as line of credit with initial principal amount of $340,000 and initial draw is $25,000. Husband passes away shortly after first draw. Wife has life estate and remains in the home and continues to draw on the line of credit. Husbands heirs complain stating she is illegally borrowing against their property. This property is located in the state of Texas. There was no change in the contract on the death of a single borrower. What is the legal standing of the line of credit reverse mortgage? At the death of the second borrower how much of the RM is each estate responsible for?
Reverse mortgage obtained by a married couple with blended family. RM is established as line of credit with initial principal amount of $340,000 and initial draw is $25,000. Husband passes away shortly after first draw. Wife has life estate and remains in the home and continues to draw on the line of credit. Husbands heirs complain stating she is illegally borrowing against their property. This property is located in the state of Texas. There was no change in the contract on the death of a single borrower. What is the legal standing of the line of credit reverse mortgage? At the death of the second borrower how much of the RM is each estate responsible for?
Liens and Encumbrances: How is a Reverse Mortgage Payoff Attributed to Estates of Deceased
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