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My mother has a reverse mortgage which she has never paid…

Customer Question
My mother has a...

My mother has a reverse mortgage which she has never paid back yet which we did not know about anyhow

Lawyer's Assistant: What steps has your mother taken so far? Has she prepared or filed any paperwork?

My question is a few years ago she had me put on her house deed

Lawyer's Assistant: Where is the house located?

If and when she dies would i be responsible for her mortgage although i am not on the reverse mortgage loan house is in calif., los angeles

Submitted: 3 months ago.Category: Real Estate Law
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5/3/2018
Real Estate Lawyer: KLAW, Arbitrator replied 3 months ago
KLAW
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Customer reply replied 3 months ago
did you get the question
Customer reply replied 3 months ago
no thank you please if possible answer question i have to get out in a few minutes
Real Estate Lawyer: KLAW, Arbitrator replied 3 months ago

I am working on your answer now.

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Real Estate Lawyer: KLAW, Arbitrator replied 3 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.

Yes, and no. You would not be personally responsible, but under the terms of the reverse mortgage, the loan must either be paid off, or the home soled to pay off and satisfy the outstanding amount of the loan.

A little background, nearly all reverse mortgages today are home equity conversion mortgages, or HECMs, insured by the Federal Housing Administration. HECMs are subject to certain federal rules.

The first thing you should know is that these reverse mortgages technically become due and payable when the borrower has died.

Although reverse mortgages are indeed loans, unlike a traditional "forward" mortgage loan, your mother isn’t required to pay it back as long as the home is her primary residence. Once either the home is sold, your mother parents move out, or pass away and there is no surviving spouse or co-signer, repayment in full is necessary.

Since you are on the deed, you as the heirs are responsible for the full loan balance. This is regardless of whether you are on the deed, occupy the property or not.

As an heir, you can choose to keep the property, sell it, or hand the keys over to the lender. This decision is usually based on the equity position left in the home. If you are on the deed, which means you were added on after she took out the reverse mortgage, then the you can choose to pay off the mortgage.

If you choose to keep the home, you need to pay off the loan.

Fortunately, you should never owe more than the home is worth. In fact, you shouldn't owe more than 95% of the home's appraised value. This holds true even if the loan balance exceeds the home's appraised value, or you are on the deed.

If the home's value exceeds the balance owed, you can keep the proceeds after selling the home.

Selling a home with a reverse mortgage works like selling any other home. The same rules apply. Consulting a real estate professional can be helpful as they can advise you on how to maximize the value received when selling the home.

On the other hand, if you don't wish to keep the home and the balance exceeds the home's value, you may sign a deed-in-lieu of foreclosure. This route gives the property back to the lender.

I hope this helps with your question.

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 ate the question with stars. 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 3 months ago
If you have any additional questions please just ask
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