Posted on: 24th Mar, 2011 06:18 pm
Signed as an heir on a reverse mortgage did not know what i was getting into, do not want more debt relative still lives on property. Can i decline?
Welcome Phil,
You can refuse to sign on a reverse mortgage. Moreover, unless you're 62 years of age, you won't be able to qualify for a reverse mortgage.
You can refuse to sign on a reverse mortgage. Moreover, unless you're 62 years of age, you won't be able to qualify for a reverse mortgage.
I have already signed as an heir to a reverse mortgage. Do I have to go through with it?
Hi Guest!
Welcome to forums!
When the original borrower of the reverse mortgage is deceased, you can surrender the property to the lender. It is lender who will sell off the property and recover as much dues as possible. He won't come after you for the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
When the original borrower of the reverse mortgage is deceased, you can surrender the property to the lender. It is lender who will sell off the property and recover as much dues as possible. He won't come after you for the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane