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My parents house is on a reverse mortgage in CA.They had to…

My parents house is...

My parents house is on a reverse mortgage in CA.They had to move out in March to assisted living. The house is in danger of foreclosure. It appraised at 500K. I would like to have some legal ties to the property due to the emotional attachment...i.e., perhaps investing in it together with some other relatives. Do you have any advice?

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

Yes, CA. My nephew and his wife have started some paperwork.

Lawyer's Assistant: Has any paperwork been filed?

My sister said the reverse mortgage company has been unresponsive over the past week. I am not sure what that means.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

If I go in on the purchase with a family member...what type of rights would I have? I am wondering how that would work.

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Answered in 22 minutes by:
7/26/2017
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,515
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

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Has the reverse mortgage company sent anything about the total amount due on the loan that it will take to pay them off?

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Does anyone have a power of attorney for parents so they could inquire?

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thanks

Barrister

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Customer reply replied 11 months ago
my sister has power of attorney. I believe the amount due is around 360k
Customer reply replied 11 months ago
The mortgage company has a call center and we have been getting different answers each time we call. Originally we thought we had 1 year from when my parents moved out.

Ok, then basically this is just like any other loan that is outstanding on a property. The reverse lender has the right to call the loan due when they both leave the home permanently and if it can't be paid off, then they can foreclose on the house and force a sale. If that happened, then parents would receive any surplus funds over what it cost to pay off the loan.

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So you would have to get a bank involved and get them to loan you the amount it takes to buy the house from parents and pay off the reverse lender if you wanted to keep the house. If you did that with someone else, then you would just be on the deed with them as long as parents agreed to sell the house to both of you.

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thanks

Barrister

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Customer reply replied 11 months ago
Thanks, Barrister!

You are very welcome. Happy to help any time.

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the caption and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

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Thanks much

Barrister

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Customer reply replied 11 months ago
If my parents gave a significant discount to the non-immediate siblings, do you think it would it be reasonable for one of the siblings to request part ownership of the house due to the potential coming inheritance?
Customer reply replied 11 months ago
As the estate would likely be reduced due to the price break on the house.

If my parents gave a significant discount to the non-immediate siblings, do you think it would it be reasonable for one of the siblings to request part ownership of the house due to the potential coming inheritance?

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Sure, but it is up to parents whether they wanted to do that... The fact is that the ones buying the property are putting their money at risk in doing so. So if someone wants to be part of the deal, then I would opine that they should go in on the purchase and be liable for the debt with the other two. They take some risk, they get some reward..

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Customer reply replied 11 months ago
That makes good and just sense. Sorry for the strange questions...I don't have any experience with this stuff and so I feel like I am stammering around in the dark a bit. I appreciate the insight.

No worries, happy to help.

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Please take a moment to rate my service as that is the only way I am compensated for my work.

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Thanks much

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,515
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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