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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55595
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My mother passed and had a house with reverse mortgage. she

Customer Question

my mother passed and had a house with reverse mortgage. she owes more than the hose is worth, what are my obligations if any
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Good afternoon Sandra. My name is ***** ***** I look forward to helping you. You have absolutely no obligation. A reverse mortgage is a non-recourse loan. What that means is that the lender's only recourse in the event of a default is to foreclose on the property. If the property is not worth what is owed, the lender must eat it as no one has any personal liability with respect to the loan. So, you can simply let the lender foreclose. Or, you can let the lender know you'll be willing to sign a deed in lieu of foreclosure on behalf of the estate to save the lender the time and expense of a foreclosure. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!