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Certainly one of my relations has reverse mortgaged his home, he died just lately. It’s understood that there’s a particular will insisted by the banker and bought executed on the time of reverse mortgage, whereby it says, “the property will devolve on my spouse with absolute rights” and so forth. Are the authorized heirs eligible to assert for the rights of the stated property?
– Arun
It’s advisable to confirm the phrases and circumstances of the reverse mortgage. Sometimes, in a reverse mortgage, the place a property has been mortgaged, the financial institution or monetary establishment has the correct to promote the property after the dying of a person and the surplus quantity is remitted again to the authorized heirs. Nonetheless, for the reason that property has been bequeathed underneath a will, the legatee(s) talked about therein could be liable to the surplus monies, if any, after the sale of such property. On this situation, the authorized heirs could think about buying the property from the financial institution.
The question was answered by Rishabh Shroff. He’s a accomplice at Cyril Amarchand Mangaldas. Queries and views at mintmoney@livemint.com
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