How to protect children from foreclosure?
Date: Fri, 08/02/2013 - 05:03
From the hud site
From the hud site
Will we have an estate that we can leave to heirs?
When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid. All proceeds beyond the amount owed belong to your spouse or estate. This means any remaining equity can be transferred to heirs. No debt is passed along to the estate or heirs.
Your daughters need to get jobs and fend for themselves so you do not have to worry.