Posted on: 05th Jun, 2012 12:34 am
my mom passed away 2 wks ago,had a reversed mtg out my brother lived with her,she left house to both of us do we have to pay back mtg
You're not obligated to pay the Reverse Mortgage, but if there's equity left in the property, it makes sense to do so. You'll pay the Lender the money owed them, and keep the remaining equity, or home, for yourselves. Exactly the same way you'd do it with a traditional Forward Mortgage.
Hi margie!
Welcome to forums!
You are not personally liable for paying back the reverse mortgage. However, if you want to save the property, you and your brother will have to refinance the mortgage in your names and pay it off. Or else, you and your brother will have to transfer the property to the lender so that he can sell it off and recover the debt.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You are not personally liable for paying back the reverse mortgage. However, if you want to save the property, you and your brother will have to refinance the mortgage in your names and pay it off. Or else, you and your brother will have to transfer the property to the lender so that he can sell it off and recover the debt.
Feel free to ask if you've further queries.
Sussane