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Ray, Lawyer
Category: Legal
Satisfied Customers: 40044
Experience:  30 years in civil, probate, real estate, elder law
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My mother is diseased and put her house in reverse mortage.what

Customer Question

My mother is diseased and put her house in reverse mortage.what are the option of the family keeeping the house? Ms Doster
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
Here the mortgage company will notify you that you have rights to pay back the mortgage, they will usually help you with a conventional loan here for the amount that you need.You can contact them yourself here it will give you the maximum time to apply and qualify if you need it.
This is certainly doable assuming you can qualify for a new home loan for the amount of the reverse mortgage.You have to decide if the condition of the house and value justify a new loan to pay off the reverse mortgage.
You usually have at least 30-60 days to pay off the reverse mortgage and make arrangements for a new loan.
This is very doable here.You are likely going to have to open probate here and have a personal representative (yourself) appointed, then you have legal authority to act here and deed the property to the legal heirs yourself included.This is very much something you can do here.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.