Posted on: 23rd Jul, 2013 01:10 am
My father has a reverse mortgage on the property and he is currently living in it. He plans to live in the property unless he needs long term care or passes away. Me and my sibling have no intention of living or finishing the mortgage. Will the mortgage lender come after us for the dues?
The reverse mortgage lender won't be able to come after you or any other heir to recover the loan. After your father's death, you can surrender the property to the lender who will sell it off and recover the dues.
Hi Billyy,
I agree with what Niicss has said. You won't be liable for paying off the reverse mortgage to the lender. Simply surrendering the property will help you getting rid of the matter.
I agree with what Niicss has said. You won't be liable for paying off the reverse mortgage to the lender. Simply surrendering the property will help you getting rid of the matter.
Reverse mortgages work in a different manner and hence you won't be liable to repay the reverse mortgage. As you say that you don't have any intention for living in the property, you can easily surrender it in order to become tension-free.