Posted on: 24th Jun, 2007 11:09 am
HI MY DAD IS 94 YEARS
YOUNG AND WHEN MY MOM WAS ALIVE THEY GOT A REVERSE MORTGAGE MY MOM DIED SEVERAL YEARS LATER AND MY DAD REMARRIED, MY DAD AND HIS NEW WIFE ARE
NO LONGER ABLE TO TAKE CARE OF THEMSELFS IF THE HOUSE IS SOLD DO WE HAVE TO GIVE ANYPART OF THE PROFIT TO HIS second WIFE?
EMAIL:
thank you
[color=White:e02ffe43ea].[/color:e02ffe43ea]salvicro@optonline.net
[size=9:e02ffe43ea][color=Red:e02ffe43ea][Email address deactivated as per forum rules][/color:e02ffe43ea][/size:e02ffe43ea]
YOUNG AND WHEN MY MOM WAS ALIVE THEY GOT A REVERSE MORTGAGE MY MOM DIED SEVERAL YEARS LATER AND MY DAD REMARRIED, MY DAD AND HIS NEW WIFE ARE
NO LONGER ABLE TO TAKE CARE OF THEMSELFS IF THE HOUSE IS SOLD DO WE HAVE TO GIVE ANYPART OF THE PROFIT TO HIS second WIFE?
EMAIL:
thank you
[color=White:e02ffe43ea].[/color:e02ffe43ea]salvicro@optonline.net
[size=9:e02ffe43ea][color=Red:e02ffe43ea][Email address deactivated as per forum rules][/color:e02ffe43ea][/size:e02ffe43ea]
That would depend on the state you are in. There are state like TX that are community property states. I think however any wishes that your father may have should be respected. If they have an attorney or a living will that would be a good starting point.
I'd second the other poster, whether this is a co-mingled asset at this point is subject to probate laws in your respective state.
If you intend to sell the house, the reverse mortgage servicing lender would need to be satisfied before discussions of how the remaining profits will be distributed.
Regards,
Scott Miller
If you intend to sell the house, the reverse mortgage servicing lender would need to be satisfied before discussions of how the remaining profits will be distributed.
Regards,
Scott Miller
Hello Salvicro,
If you wish to sell off the house, then you have to take the consent of your father. In terms of profit earned, primarily you need to payoff the lender from whom you took the loan and then take care of the distribution of the left over proceeds.
If you wish to sell off the house, then you have to take the consent of your father. In terms of profit earned, primarily you need to payoff the lender from whom you took the loan and then take care of the distribution of the left over proceeds.
my parents have a reverse mortgage. If one of them pass away, how long can the other live in the house.
The Reverse Mortgage lasts as long as the last person on Title resides in the home as their primary residence. If one of your parents passes, and both of them are on the Note, the Reverse Mortgage is unaffected.
