Posted on: 30th Mar, 2010 08:20 pm
my mom and me,husband and son live in the same house. my mom passed on 3/11/10 and i have found papers where she had a reverse mortgage on the house.what happens now that she has passed.
hi country,
as your mom is no more, you will have to pay off the reverse mortgage. you are not legally liable to pay it off as you did not sign on the reverse mortgage papers. if you do not pay, the lender will foreclose the house to recover the remaining balance on the mortgage. thus, if you want to keep the house, you can refinance and pay off the reverse mortgage.
as your mom is no more, you will have to pay off the reverse mortgage. you are not legally liable to pay it off as you did not sign on the reverse mortgage papers. if you do not pay, the lender will foreclose the house to recover the remaining balance on the mortgage. thus, if you want to keep the house, you can refinance and pay off the reverse mortgage.