Legal Question in Real Estate Law in Pennsylvania

Reverse Mortgage, Heir Responsibility

Parents considering reverse mortgae. As one of seven heirs I do not wish to be responsible for that loan after their passing. How can I insure protection of my savings.


Asked on 9/28/08, 9:54 am

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: Reverse Mortgage, Heir Responsibility

Any mortgage is a lien on the property. Heirs do not become personally liable on such mortgages. The mortgage is repaid when the property is sold, out of the money received at the sale.

If you and the other heirs do not sell the property after your parents' deaths, you would have to refinance the property to pay off the reverse mortgage.

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Answered on 9/28/08, 2:27 pm


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