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can an heir get out of a reverse mortgage

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Phil2005 Joined: 24 Mar 2011 Posts: 1 1.29 Dollars($)	Posted: Thu Mar 24, 2011 6:18 pm    Post subject: can an heir get out of a reverse mortgage Like 0 Dislike 0 Signed as an heir on a reverse mortgage did not know what i was getting into, do not want more debt relative still lives on property. Can i decline?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Mar 24, 2011 8:48 pm    Post subject: Like 0 Dislike 0 Welcome Phil, You can refuse to sign on a reverse mortgage. Moreover, unless you're 62 years of age, you won't be able to qualify for a reverse mortgage. _________________ Procrastination is the enemy of your financial success
2005phil Guest	Posted: Fri Mar 25, 2011 5:33 pm    Post subject: did not answer question Like 0 Dislike 0 I have already signed as an heir to a reverse mortgage. Do I have to go through with it?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Mar 25, 2011 7:59 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! When the original borrower of the reverse mortgage is deceased, you can surrender the property to the lender. It is lender who will sell off the property and recover as much dues as possible. He won't come after you for the deficient balance resulting from the sale of the property. Feel free to ask if you've further queries. Sussane

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