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My 88 year old father just signed a reverse mortgage which…

Customer Question
My 88 year old...

My 88 year old father just signed a reverse mortgage which he now regrets. The house is a life estate with my siblings and myself listed as REM. Is the reverse mortgage valid?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Florida

Lawyer's Assistant: What documents or supporting evidence do you have?

He doesn't remember but I looked on the county property appraiser and it is listed that way on the website. It has my fathers name and LE next to it and then mine and my siblings names listed as REM

Submitted: 4 months ago.Category: Estate Law
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Answered in 2 minutes by:
3/12/2018
Estate Lawyer: LegalKnowledge, Attorney replied 4 months ago
LegalKnowledge
LegalKnowledge, Attorney
Category: Estate Law
Satisfied Customers: 32,310
Experience: 10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Estate Lawyer: LegalKnowledge, Attorney replied 4 months ago

Good morning. How long ago was this done?

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Customer reply replied 4 months ago
Within the last 2weeks. He doesn't remember and can't find paperwork. He has the card of the people he met with but before I contact them I want to know about the life estate. He hasn't received any money yet.
Estate Lawyer: LegalKnowledge, Attorney replied 4 months ago

Thank you. With most reverse mortgages, you have at least three business days after closing to cancel the deal for any reason, without penalty. This is known as your right of “rescission.” To cancel, you must notify the lender in writing. Send your letter by certified mail, and ask for a return receipt. That will let you document what the lender got, and when. Keep copies of your correspondence and any enclosures. After you cancel, the lender has 20 days to return any money you’ve paid for the financing. If this happened within the past two weeks but the three days have passed, it may be an issue now and there would need to be a legal basis for which this can be done.

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Customer reply replied 4 months ago
What about the life estate? Does that prevent him from signing a reverse mortgage?
Customer reply replied 4 months ago
Also he is 88 with some memory impairment.
Estate Lawyer: LegalKnowledge, Attorney replied 4 months ago

Yes, there could be a legal interest, if he did this and had no legal right or interest to it. The LE allows him to remain there until his passing but may not allow and does restrict him from selling it. If this is present and he did this and had no legal right to do it, you could have a basis to void and rescind this and should speak with the lender.

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Estate Lawyer: LegalKnowledge, Attorney replied 4 months ago

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Estate Lawyer: LegalKnowledge, Attorney replied 4 months ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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