Posted on: 27th Dec, 2012 01:23 am
Mom took out a lump sum reverse mortgage on her home of 35yrs. She is unable to communicate with the lender and they won't talk to me. She was able, with substantial help, to fax the lender a letter that authorizes me to access her account information on her behalf. We had a real estate agent look over the property and it appears the property value is about equal to the loan balance. I need to move her from the property to assisted living now. Since the lender won't talk to me I don't know what to do about the reverse mortgage. Suggestions?
Hi Jenelia,
If your mother moves out of the home and goes for an assisted living, then the lender will call the reverse mortgage due. The lender will want to sell off the property and recover the debts in full. You will have to convince the lender to speak to you in order to sort out this matter.
Thanks,
Jerry
If your mother moves out of the home and goes for an assisted living, then the lender will call the reverse mortgage due. The lender will want to sell off the property and recover the debts in full. You will have to convince the lender to speak to you in order to sort out this matter.
Thanks,
Jerry
Welcome Jenelia,
You will have to convince the lender to accept the authorisation letter so that you can deal with the mortgage and the lender on your mother's behalf.
You will have to convince the lender to accept the authorisation letter so that you can deal with the mortgage and the lender on your mother's behalf.