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 salvicro
Joined: 24 Jun 2007
Posts: 1
1.41 Dollars($)
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 Posted: Sun Jun 24, 2007 11:09 am Post subject: Reverse mortgages - how to distribute home sale profit |
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HI MY DAD IS 94 YEARS
YOUNG AND WHEN MY MOM WAS ALIVE THEY GOT A REVERSE MORTGAGE MY MOM DIED SEVERAL YEARS LATER AND MY DAD REMARRIED, MY DAD AND HIS NEW WIFE ARE
NO LONGER ABLE TO TAKE CARE OF THEMSELFS IF THE HOUSE IS SOLD DO WE HAVE TO GIVE ANYPART OF THE PROFIT TO HIS second WIFE?
EMAIL:
thank you
.salvicro@optonline.net
[Email address deactivated as per forum rules] |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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| Posted: Sun Jun 24, 2007 4:30 pm Post subject: |
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That would depend on the state you are in. There are state like TX that are community property states. I think however any wishes that your father may have should be respected. If they have an attorney or a living will that would be a good starting point.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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ezmortgageloanz
Moderator
Joined: 06 Apr 2007
Posts: 124
Location: National
37.57 Dollars($)
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| Posted: Sun Jun 24, 2007 4:49 pm Post subject: |
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I'd second the other poster, whether this is a co-mingled asset at this point is subject to probate laws in your respective state.
If you intend to sell the house, the reverse mortgage servicing lender would need to be satisfied before discussions of how the remaining profits will be distributed.
Regards,
Scott Miller
_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
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jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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| Posted: Sun Jun 24, 2007 10:15 pm Post subject: |
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Hello Salvicro,
If you wish to sell off the house, then you have to take the consent of your father. In terms of profit earned, primarily you need to payoff the lender from whom you took the loan and then take care of the distribution of the left over proceeds. |
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Rudy Spencer
Guest
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| Posted: Sun Oct 18, 2009 9:51 pm Post subject: reverse mortgage |
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| my parents have a reverse mortgage. If one of them pass away, how long can the other live in the house. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Mon Oct 19, 2009 7:11 am Post subject: |
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| The Reverse Mortgage lasts as long as the last person on Title resides in the home as their primary residence. If one of your parents passes, and both of them are on the Note, the Reverse Mortgage is unaffected. |
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