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In this scenario I am a 65 year old man who has inherited a

house from my brother. This...
In this scenario I am a 65 year old man who has inherited a house from my brother. This house is encumbered wth a reverse mtge and I will have to pay that either out of my own resources or sell the house and pay it out of the proceeds. Is their another alternative where I can secure my own reverse mtge and pay off my bothers with mine?

Joe.K
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Answered in 20 minutes by:
6/7/2013
John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
Joe,

Welcome! Thank you for your question.

A reverse mortgage on your property will not work in this situation. A reverse mortgage gets you access to an income stream but does not get you access to a lump sum of cash that would allow you to pay off the reverse mortgage on your brother's property. You could apply for and try and qualify for a mortgage on either property and the new mortgage can be used to pay off the reverse mortgage balance.

Your options are to:

  1. Let the reverse mortgage company foreclose and take the house and you can walk away.
  2. You pay off the reverse mortgage with your own assets.
  3. Sell your home and pay off the reverse mortgage. or
  4. Obtain a traditional mortgage on your home or your brother's home and pay off the reverse montage with the proceeds from the mortgage.

 

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

Please show your appreciation for my candid, accurate information by clicking VERY INFORMATIVE, OR the OR and positive feedback. You should only rate me if you are satisfied with the information I provided you. If you cannot rate me GREAT please do not rate. Give me a chance to make it right by clicking REPLY TO EXPERT.

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Thank you,

John

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Customer reply replied 4 years ago

Dear XXXXX;


I am confused when I took out my reverse mtge they provided as per my request (1) a payoff of my wquity loan (2) a lump sum available as needed and (3) the balance as an income stream, I was told at the time that after my equity loan was paid I could have the balance in a lump sum if i so desired. Have the rules changed??


 


Joe K.

Joe,

 

Some lenders may let you take a lump sum on a reverse mortgage. It is generally most appropriate with the enormous interest rates for use as an income stream.

 

Please just make sure that you understand all the fees and the interest charges for the reverse mortgage. They can be much more expensive for traditional loans, especially if you are pulling out a lump sum.

John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
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John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
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Experience: Over 14 years experience in Medicaid, Estates, Trust.

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