reverse mortage

Guest 0.10 Dollars($)

parent has a reverse motage on her home, parent dies adult childen living in her home hoe long can we live in her home.

ckalvesmaki · Posted: Mon Aug 20, 2007 2:59 pm Post subject:

you need to check the terms of the note......there are limitations in the note..........if the house is comeing to you in a will you have the right to redeem and get a forward mortgage on it.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

If children want to keep the house then they will have to repay the loan. If they are not in a position to repay then they will have to sell the house to pay it off.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Maria,

After the death of your parent, you must pay off the outstanding amount of the reverse loan. And only after that, you can stay on their home for as long as you wish.

It seems that you have already asked a similar question earlier. There some of the community members have replied to you. To view their replies, you can refer to: http://www.mortgagefit.com/know-how/repay-reverseloan.html

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