Posted: Fri Dec 19, 2008 8:39 pm Post subject: Reverse Mortgage
I've been living with my grandfater for 8-9 years. A few years ago he took out a reverse mortgage on his house/poperty. He recently went to jail and I wanted to know what happens with the poperty since he has the mortgage reversed. I also want to know how exactly I would go about gaining ownership of the property.
If your grandfather does not live in the property for 1 year, the mortgage lender may call the mortgage due. If your grandfather is freed from the jail quickly (not exceeding the 1 year period), then he can still enjoy the benefits of reverse mortgage.
If you want to gain the ownership of the property, you will have to pay back the mortgage to the lender. Once you pay back the mortgage to the lender, you can ask your grandfather to sign a quitclaim deed in your favor and transfer the property to you.
Feel free to ask if you have further queries.
Sussane
Chelsea Guest
Posted: Sat Dec 20, 2008 9:23 am Post subject:
When you say pay back the mortgage do you mean picking up where he left off the payments? Or the property will become the lenders and I would buy it from them at full value?
Yes, you will have to pay the due amount to the lender. If your grandfather have defaulted on payments since he went to jail, then you will have to pay that defaulted amount as well. Once the payments are done, then you can ask your grandfather to sign a quitclaim deed in your favor.
Feel free to ask if you have further queries.
Sussane
dolly Guest
Posted: Sat Mar 07, 2009 8:48 am Post subject: warranty deed and reverse mortgage
a past debt was being deducted from the deceased persons retirement check who issued the warranty deed. a balance remains. is the person named on the warranty deed impacted by this when applying for a reverse mortgage.
I don't think it will impact the person named on the warranty deed. However, if there a mortgage on the property, then that needs to be cleared off first and then the person can look for a reverse mortgage on the same property. _________________ Procrastination is the enemy of your financial sucess
Ch3ls3adid
