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Deed & Reverse Mortgage

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adwriter Joined: 19 Oct 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Oct 19, 2010 7:59 am    Post subject: Deed & Reverse Mortgage Like 0 Dislike 0 Hi, My mother is getting a reverse mortgage on her home (Florida) and wants to add my sister and I to the deed (not mortgage) so that if she passes away, we're already on the deed to the home. Neither me nor my sister are 65 or older. If it is not possible, other than my mother's will, which lists both of us as heirs, is there anything we could/should do on her home at the time she gets the reverse mortgage? Thanks!
gunzijjistaff Joined: 07 Apr 2009 Posts: 713 4.63 Dollars($)	Posted: Tue Oct 19, 2010 8:27 am    Post subject: Like 0 Dislike 0 Hi, In the reverse mortgage your mother keep getting a certain amount and you never pay back anything. Thus the home equity keeps going down & debt can never exceed value of the home. And after debtors death lender will not keep anything for heirs so your mother have to think about her heirs i means you & your sister. In case of reverse mortgage borrowers death heirs have three options. 1) Pay off the loan balance & keep house . 2) Sell off the home & pay off the loan with the proceeds. Keep the rest if any. 3) Refinance with the other plan which allows repayments. Keep your mothers life insurance maintain. Thanks & Regards. Gunz.ijjistaff

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