Posted on: 09th Oct, 2010 12:19 am
Our mother obtained a reverse mortgage 2 years ago. The money was used for full-time caregivers. Now that Mom's health has gotten worse, we will have to move her to an assisted living facility or she will have to move in with one of us. She owes more on the mortgage than the house is worth. We will need to sell her home. We would like to purchase it back. How is the selling price determined? Also, how much time do we have to sell it?
hi bananna,
once your mother moves out of the property, the lender will ask her to pay off the loan or foreclose the property. you can refinance the reverse mortgage into a conventional one and get the mortgage transferred in your name. this will help you in saving the property.
thanks
once your mother moves out of the property, the lender will ask her to pay off the loan or foreclose the property. you can refinance the reverse mortgage into a conventional one and get the mortgage transferred in your name. this will help you in saving the property.
thanks
Reverse mortgage provides the income that people can enjoy their retirement. The advantage of a reverse mortgage is that the borrower is not important, and is often chosen because the borrower does not need to make any further payments. Since the house is used as collateral must be sold to pay off a mortgage when the borrower dies.