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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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My Mother had a reverse mortgage (texas) number of years.

Customer Question

My Mother had a reverse mortgage (texas) for a number of years. Her house burned down and was deemed a total loss a couple of weeks ago. My question is with the insurance payout. Does she have the option of taking the insurance money and rebuild the home or does it automatically go to the reverse mortgage company to pay off the loan. We are confused about this. Thanks.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.

Good afternoon. I am Loren, a licensed attorney and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Is the mortgage company the loss payee on the insurance.

Expert:  Loren replied 1 year ago.

Are you online with me?