Posted on: 01st Sep, 2010 12:24 pm
My best friend established a reverse mortgage upon her death so her son (age 54) could continue to live in the home. Her son and I were named as 50/50 beneficiaries on her life insurance policy. I am not sure if there were additional provisions made on her reverse mortgage given she knew her son may end up in trouble again. My question is, her son, is soon going to prison for his third strike. What happens to the property if he is unable to live in it?
Hi mediamom!
Welcome to forums!
If the reverse mortgage holder is unable to stay in the property for a long period of time, the lender will foreclose the property in order to recover the mortgage loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the reverse mortgage holder is unable to stay in the property for a long period of time, the lender will foreclose the property in order to recover the mortgage loan.
Feel free to ask if you've further queries.
Sussane