Posted on: 25th Nov, 2011 11:53 am
the reverse mortgage company did not take the other person off of title but they still did the reverse mortgage..what can i do?
Hi wil,
Unless the other person is 62 years of age, he/she won't be able to qualify for a reverse mortgage. If the person is not 62 years of age and if the lender has still offered you the reverse mortgage, then it will be considered as illegal. You can ask the other person to sign a quitclaim deed and transfer the property to you.
Thanks
Unless the other person is 62 years of age, he/she won't be able to qualify for a reverse mortgage. If the person is not 62 years of age and if the lender has still offered you the reverse mortgage, then it will be considered as illegal. You can ask the other person to sign a quitclaim deed and transfer the property to you.
Thanks
Hi wil!
Welcome to forums!
You should immediately contact an attorney and take his opinion in this matter. He will let you know whether or not you should take any legal actions against your lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should immediately contact an attorney and take his opinion in this matter. He will let you know whether or not you should take any legal actions against your lender.
Feel free to ask if you've further queries.
Sussane
I've never seen a Reverse Mortgage Investor make a hugh mistake like that. They wouldn't be able to get the loan insured by HUD if they did. Whoever is on the Note, should also match Title. If those two don't match, let your Loan Officer know and request assistance. Alternatively, if you're unable to locate your Loan Officer, contact the company that's servicing the Reverse Mortgage and they'll get the problem corrected. Their toll free number is on the monthly statement.
Who is the other person they're suppose to take off Title? And how old is that person? And how did you confirm they weren't taken off Title?
Who is the other person they're suppose to take off Title? And how old is that person? And how did you confirm they weren't taken off Title?
>>You can ask the other person to sign a quitclaim deed and transfer the property to you.
Don't do it that way - it'll cause the Reverse Mortgage to become due and payable. Let your Loan Officer or Servicer take care of it. They'll get it done properly ... if anything needs to be done.
Don't do it that way - it'll cause the Reverse Mortgage to become due and payable. Let your Loan Officer or Servicer take care of it. They'll get it done properly ... if anything needs to be done.