Posted on: 02nd Sep, 2012 10:14 pm
My mother passed with a reverse mortgage with no equity left. If the siblings sell the house instead of turning it back to the reverse mortgage company, will any profit we make go to us or will medicaid what it?
Hi pat,
If you and your siblings sell off the property, then the reverse mortgage and the medicaid will receive their dues first. If there is any money left back, then you will be able to share it amongst yourself.
Thanks
If you and your siblings sell off the property, then the reverse mortgage and the medicaid will receive their dues first. If there is any money left back, then you will be able to share it amongst yourself.
Thanks
Hi pat!
Welcome to forums!
I agree with the opinion of James Hogg. After you sell off the property, the reverse mortgage lender and the medicaid will have the rights to claim their dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with the opinion of James Hogg. After you sell off the property, the reverse mortgage lender and the medicaid will have the rights to claim their dues.
Feel free to ask if you've further queries.
Sussane