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My grandmother did a reverse mortgage on her home. Her home…

Customer Question
My grandmother did a...

My grandmother did a reverse mortgage on her home . Her home has flooded 3 times over the years. The mortgage company champion are saying she has to get her house repaired but she would just like to move and sell it . They took advantage of her by only giving her 80,000 first and now she is up to 100,000 with some interest they are charging her. We need help to determine what her options are.

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

Pearland texas

Lawyer's Assistant: Has any paperwork been filed?

They sent her a bunch of papers telling her that the house has to b repaired and company has to be notarized bonded and the check from insurance has to b sent to them .

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

Just need to know her options.

Submitted: 7 months ago.Category: Real Estate Law
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Answered in 1 minute by:
9/28/2017
Real Estate Lawyer: legalgems, Arbitrator replied 7 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 13,014
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Real Estate Lawyer: legalgems, Arbitrator replied 7 months ago

Most reverse mortgages do have a provision requiring the individual to keep the home in good condition; They typically send an inspector out annually.

A borrower can sell a home with a reverse mortgage; they will need to pay off the balance upon sale.

Normally for large repairs ($30,000+) the insurance check will be payable to both the mortgagor and the borrower and the mortgagor will typically hold the money in escrow while repairs are being made. They often oversee the contractor and require a W9 for reporting purposes.

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Real Estate Lawyer: legalgems, Arbitrator replied 7 months ago

Hello again; just checking in to see how things worked out;

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