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April 20, 2021 8:47 AM Amy Fontinelle - Forbes Advisor
Posted:
Updated:
April 22, 2021 2:06 PM
Understanding what happens to your debt when you die is an important part of estate planning and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage.
The median housing-related debt of a 65- to 74-year-old borrower with a first mortgage, home equity loan and/or home equity line of credit was $100,000, according to the U.S. Census Bureau’s American Housing Survey in 2019, the latest results available. For homeowners 75 years and older, it was $75,000.
What Happens To Your Mortgage Debt When You Die?
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More than 15 years ago, Rick Medlen had a home built in Eugene and wanted a real wood garage door. But there was a problem – the builder didn’t want to install a larger garage door header to accommodate the weight and the $8,500 price tag was expensive.
“I thought, ‘There has to be some sort of faux product you can put on the outside of garage doors’ and realized there is nothing at all (on the market),” Medlen said.
Medlen, who has a background in engineering, developed a concept of thin, wood veneers adhered to lightweight foam that attaches to metal garage doors via strong earth magnets, transforming the appearance to high-end wood carriage doors without any alterations.