Posted on: 29th Apr, 2013 01:17 am
My mother owned a property and took out a reverse mortgage on it. She passed away 2 years ago. We have since living in the property rent free. The bank has now told us to move out and they will be sending us a 30 days eviction notice. Is it common for the lender to do so? Once of my friends is staying in her mother property with reverse mortgage since 5 years after her death.
hi guest,
it is quite surprising that the lender had not done this before. normally, within 6 months, if you don't refinance the existing mortgage, the reverse mortgage lender has the rights to ask you leave the property. it will be better if you could take steps to move out of the property or the lender will get a court order to evict you.
take care.
it is quite surprising that the lender had not done this before. normally, within 6 months, if you don't refinance the existing mortgage, the reverse mortgage lender has the rights to ask you leave the property. it will be better if you could take steps to move out of the property or the lender will get a court order to evict you.
take care.
The Reverse Mortgage was due when your Mother Passed. What did you do with the letters the Lender sent your Mother? On the anniversary of the Reverse Mortgage, the Lender sends a letter to the homeowner, asking them to sign and return it. If it's not returned, they start looking for the homeowner. Since you've been in the house 2 years, you must have received them?
If the Estate is working diligently with the Lender, they'll have up to 12 months to pay back the Reverse Mortgage. I'm surprised you've gone 2 years, and the other family went 5 ... that's bewildering.
If the Estate is working diligently with the Lender, they'll have up to 12 months to pay back the Reverse Mortgage. I'm surprised you've gone 2 years, and the other family went 5 ... that's bewildering.
