Not all reverse mortgages are the same. The home equity conversion mortgage, insured by the federal government, is available only through a Federal Housing Authority-approved lender. For homeowners 62 years of age or older with significant equity in a home, an HECM may be an attractive idea. It's a way to supplement retirement income by allowing eligible homeowners to access a portion of the equity.
The right of inheritance applies to all property, including properties with mortgages attached to them. If you inherit a mortgaged property, a number of questions and concerns may pop up, including whether the mortgage can be assumed. You'll probably wonder how to record the deed and take title to the property.
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