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Reverse Mortgage

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nonanks Joined: 18 Feb 2011 Posts: 2 1.52 Dollars($)	Posted: Fri Feb 18, 2011 6:47 pm    Post subject: Reverse Mortgage Like 0 Dislike 0 My neighbor has a reverse mortgage she lived in the home with her handicapped brother. He recently had to go to a nursing home. She cannot afford to stay in the home as she does not get his income from social security anymore. She wants to move to a senior bldg. The home is worth less now than when the RM was taken out. The mortgage company says she has to file bankruptcy. She does not have the money to file. What happens if she just moves out? I know they take the home but can anything happen to her? Her name was the only one on the RM.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Feb 21, 2011 12:45 am    Post subject: Like 0 Dislike 0 Hi nonanks, If your neighbor just moves out, she will be liable for paying off the reverse mortgage. If she cannot pay it off, then the lender will foreclose the property in order to recover their dues. Thanks

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