Can legal heirs have claim in the reverse mortgaged property?1 min read . Updated: 12 Mar 2022, 05:14 PM IST
- Typically, in a reverse mortgage, where a property has been mortgaged, the bank or financial institution has the right to sell the property after the death of an individual and the excess amount is remitted back to the legal heirs
One of my relatives has reverse mortgaged his house, he died recently. It is understood that there is a specific will insisted by the banker and got executed at the time of reverse mortgage, wherein it says, "the property will devolve on my wife with absolute rights" and so on. Are the legal heirs eligible to claim for the rights of the said property?
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