Posted on: 15th May, 2010 08:42 am
For the last 10 years my dad has paid mortgage for house he occupies purchased by my brother and his wife because my dad's credit was not good due to divorces etc. Now my brother and his wife are in process of divorce and I am afraid my dad will lose his home. My dad alone has paid mortgage timely each month and mortgage company should have record as payments have been sent in his name to mortgage company. Since my dad does not want to lose his home, what options does he have for keeping it. My brother wants out of loan.
If your Dad is 62 or older, he may qualify for a reverse mortgage. There are no payments with a reverse mortgage. He would need enough equity in his home to qualify.