Posted on: 12th Sep, 2009 09:15 pm
my parents have a reverse morgage, my mother has lived in a convelscent home for 5 yrs, my father has now taken ill and might have to move into on as well. do the heirs refinance and pay of the reverse morgage or do the inherit the loan and can that be paid back monthly.
my mom has medi-cal to help pay for her stay at the convelscent home. how does that play into the whole thing.
my mom has medi-cal to help pay for her stay at the convelscent home. how does that play into the whole thing.
Reverse mortgage cannot be refinanced on the name of the heirs.You just make sure that you pay the installment for your parent's reverse mortgage by depositing required amount in their loan account every month.
I hope this will solve the query.
I hope this will solve the query.
Thats wrong
The Heirs can refinance and apy the loan back
check this out
http://www.mortgagefit.com/reverse-payback.html
The Heirs can refinance and apy the loan back
check this out
http://www.mortgagefit.com/reverse-payback.html
yes sunnyca is right. also note that your parents are not living in home so you need to start it imeediately. go through reverse mortgage deed carefully.
I am extremely sorry for the wrong information put by me.
Hi parksm,
The reverse mortgage becomes due when the borrower sells the home or leaves the property. Since your parents no longer live in the property, the lender can call the loan due. In this situation you, as an heir, have two options. You can sell off the property and pay off the loan. If the property sells for more than what is owed on it, you can retain the remaining amount. The other option would be to refinance the loan and pay off the outstanding balance on the reverse mortgage.
The reverse mortgage becomes due when the borrower sells the home or leaves the property. Since your parents no longer live in the property, the lender can call the loan due. In this situation you, as an heir, have two options. You can sell off the property and pay off the loan. If the property sells for more than what is owed on it, you can retain the remaining amount. The other option would be to refinance the loan and pay off the outstanding balance on the reverse mortgage.