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nileshtapadia · Joined: 04 Aug 2011 Posts: 1 1.45 Dollars($)

Hi
My Father owns a house and is around worth Rs.40 lacs (bunglow with land). His age is 60+.

I want to understand if he goes for reverse mortgage for a term say 15 years, what will happen to the ownership of property. If i understand - the property would then go to bank's ownership. But i am confused because bank might offer upto 60% max loan based on value and not 100% then how a bank can own the propety

Also - If after end of tenure i want to get the ownership - do i have to the loan/amount paid to my parents?

How does this work

jameshogg · Posted: Thu Aug 04, 2011 10:35 pm Post subject:

Hi nileshtapadia,

As far as US mortgage laws are concerned, if you, the heir, pay off the reverse mortgage in full after the death of primary borrower, then you will be able to save the property. However, I don't think you're from the US. I will suggest you to contact a real estate lawyer based in your country and take his opinion in this matter.

Thanks

Guest

James - Thanks for the post, Yes i am not from US
However i would be obliged if you can give me example like on how much might be pay off amount if i need to save the house

E.g Loan amount $100, EMI bank would pay to parents - $?
Loan term 15 years
I want to close the loan at 10 yrs may be - what might be the total i would need to pay off?

Posted: Sun Aug 07, 2011 10:26 pm Post subject:

A real estate attorney based in your state will be able to answer this in a best way.

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