Reverse Mortgage heir possibilities if not named
Would a transfer on death instrument (todi) be advised before parent dies??
Terry Says
This is my second response to basically the same question.
What are you trying to accomplish?
While your parent(s) are alive the house belongs to them.
The Reverse Mortgage is a fast-growing lien against the equity.
When they die or move out, the lender lets you pay off the balance if you want to keep the property. OR it will be sold and any remaining equity (assuming death) is distributed to their ESTATE— to then be distributed according to their will. (If not dead, the money from any remaining equity is theirs to ideas they see fit.)
Your parents need a will. And you need to stop messing around in their finances since you don’t know what you’re talking about!
