The Reverse Mortgage?

Question

if the person house on the Reverse Mortgage ..after 8 years that person sick badly and have to stay in the long care nursing home ..What happen to her house..and what if her son live with her more than 15 years and he still live in that house?

FL

Answer 1

Since she is no longer living in the home the mortgage needs to be resolved.    It can be paid out of other funds or it can be sold, otherwise they foreclose.

If the son does not want to buy the house or repay the mortgage he will need to move.

Answer 2

A reverse mortgage is a loan.  If the person no longer lives in the house for a long enough period then the loan must be repaid (often by selling the house) or the bank can foreclose.  I have never seen a reverse mortgage written any different.  Check with a lawyer that can go thru all your paperwork.

Answer 3

i would suggest contacting an attorney however it ;is ;my understanding that with a reverse mortgage you cannot leave your house to anyone. the bank retains the house if you are deceased however not sure how that works if you are in a nursing home. to be sure i would contact an attorney to make sure all rights are covered.

Answer 4

What do the loan documents say?  Someone other than owner(s) living in it has no bearing on it.  And ownership likely cannot be transferred without the loan becoming immediately due and payable.

Giving away assets during the lookback period may also disqualify someone from getting public aid.