Posted on: 11th Nov, 2010 07:26 am
Dad passed away and left me TOD on his home with a reverse mortgage. I do not want to keep the home and the prinicipal on the note is more than the home could be sold for. What are my obligations to the reverse mortgage company? Since the house is now "mine", if I do not keep up the insurance, property taxes, etc, will that go against my own credit? The property is located in Missouri.
Hi linda,
As there is a reverse mortgage on the property, you should contact the lender and ask him to take over the property. He will foreclose the property in order to recover his dues. You won't remain for the property any more. The foreclosure won't have any negative affect on your property.
As there is a reverse mortgage on the property, you should contact the lender and ask him to take over the property. He will foreclose the property in order to recover his dues. You won't remain for the property any more. The foreclosure won't have any negative affect on your property.