Posted on: 07th Aug, 2013 12:40 am
My mother is the sole owner of the property. She has a reverse mortgage on it. If she dies what will happen to the property?
On her death, the lender can take over your mother's property and sell it off in order to recover the reverse mortgage amount.
Hi Guest!
Welcome to the forums!
If you wish you can refinance the reverse mortgage into a normal conventional mortgage and pay off the lender. Then you can start off making normal payments toward the mortgage. This will help you save the property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you wish you can refinance the reverse mortgage into a normal conventional mortgage and pay off the lender. Then you can start off making normal payments toward the mortgage. This will help you save the property.
Feel free to ask if you've further queries.
Sussane