Posted on: 14th Jul, 2011 12:37 am
Hi, My Mothers house in CA is quick claimed to me but I am wondering because she took a reverse mortgage, they where made aware of the quick claim and I am the excuter of her will how that effects me at the time of her death. I have not signed it, think I have to do something when she dies but not sure what, it was never fully explained to me. Would like to understand what I need to do and if the reverse mortgage prevents me from living in or selling the house. Thanks
hi shari!
welcome to forums!
though your mother has a reverse mortgage on the property, you can stay there. however, she can add your name to the property with a reverse mortgage only if you're 62 years or more of age. after she dies, you can either ask the lender to sell off the property and recover the debts or you can refinance the mortgage in your name and pay off the debts.
feel free to ask if you've further queries.
sussane
welcome to forums!
though your mother has a reverse mortgage on the property, you can stay there. however, she can add your name to the property with a reverse mortgage only if you're 62 years or more of age. after she dies, you can either ask the lender to sell off the property and recover the debts or you can refinance the mortgage in your name and pay off the debts.
feel free to ask if you've further queries.
sussane
Thanks Sussane, 5 years away from 62. Have been living with her for many years helped take care of my dad till his death and care take for her as needed. Still wondering then what the quit claim would do for me? would be counting on any possible profits after reverse mortgage debt is paid on the house in order to live. would not be able to afford to refinance.
any suggestions while she's still living or advice for me would be appreciated
any suggestions while she's still living or advice for me would be appreciated
Your mother can draft a will declaring you as the beneficiary so that you can get the property after her death. However, you will have to probate the will in order to get the property transferred in your name.