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HOW TO END A REVERSE MORGAGE. GEORGIA

Customer Question
HOW TO END A...

HOW TO END A REVERSE MORGAGE

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

GEORGIA

Lawyer's Assistant: Has any paperwork been filed?

NO

Submitted: 4 months ago.Category: Real Estate Law
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Answered in 1 minute by:
3/8/2018
Real Estate Lawyer: KLAW, Arbitrator replied 4 months ago
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 2,365
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified

Good morning. I am a legal expert attorney who will assist you today. Please give me more background on the reverse mortgage and why you would like to stop the reverse mortgage.

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Customer reply replied 4 months ago
I am 82 years old, poor health, I can no longer live alone. I want to go live with my daughter in Texas- My mortgage is now much higher than home value. Will I have to pay the remaining debt after sale of home?
Real Estate Lawyer: KLAW, Arbitrator replied 4 months ago

I will work on your answer.

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Real Estate Lawyer: KLAW, Arbitrator replied 4 months ago

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

Most reverse mortgages today are insured by the Federal Housing Administration (FHA), as part of its Home Equity Conversion Mortgage (HECM) program. An FHA-insured HECM loan is a non-recourse loan.

This means that when your home is sold to repay the loan, neither you nor your family will be required to pay more than the sales price of the home. The insurance you have as part of the mortgage will pay for any shortfall, so long as your home sells for at least 95 percent of the current appraised value.

I hope this helps. Please let me know if you have more questions.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. We as attorneys are not employees of Just Answer and are not paid unless you rate the question.

After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

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Real Estate Lawyer: KLAW, Arbitrator replied 4 months ago
If you have any additional questions please just ask
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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.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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