Alert
Close

Help Decide the Future of Aging. Join the White House’s Live Stream Tomorrow From Seattle. Learn more

Highlights

Open
Renew for 3 and attend Life at 50+ for free
You Could Choose Your Dream Vacation
Happy African American couple

Contests and
Sweeps

AARP’s Superstar
2015 Contest

Sing for a chance to win $5,000! Enter AARP’s Superstar 2015 Contest!
See official rules.

Driver Safety

Piggy bank on the road - AARP Driver Safety

Take the new AARP Smart Driver Course!

AARP Books

Visit the Money Section

Enjoy titles on retirement, Social Security, and becoming debt-free.

Jobs You Might Like

most popular
articles

Viewed

Ask the Experts

Who Pays Off Deceased's Reverse Mortgage?

Q. My father took out a reverse mortgage before he married his new wife. Now that Dad has died, who is responsible for paying off the reverse mortgage?

A. Whoever inherits the house—most likely the spouse—must pay off the reverse mortgage, which becomes due when the borrower dies. Interest continues to be charged on the unpaid loan balance, so it’s to the heir’s advantage to repay the loan as soon as possible.

The home would have to be sold only if neither his estate nor his widow could arrange to refinance or take out a new reverse mortgage.

Source: Sally Hurme, AARP

 

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

Advertisement

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

Credit safeguards with AARP® Identity Theft Protection from TrustedID®.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

Man using cell phone outdoors

Members save on monthly service & usage fees and get free activation with Consumer Cellular.

Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.

Advertisement

Advance your skills. Transform your career.

Explore your learning possibilities.