QUESTION:

After Death re-payment of Loan

My mom did not leave her house to any one and did not list us on her reverse mortgage loan as trustees or executor. We want to keep her home but the loan company cannot supply me with any information. How can we keep the house without getting a lawyer?
asked by Shannon3, 5/18/2011
Categories: Reverse Mortgages
ANSWERS:
Answered by: NewRetirement Editor San Franscisco, 05/24/11
Overall Rating:

Hi Shannon,

You should be able to get the loan details from the loan servicer, which should have been sending regular statements during the course of the loan. They should be able to tell you who owns the loan and the servicer or the loan owner should be able to tell you what the loan payoff terms are.

Good luck!

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Answered by: Raymond Denton, 10/16/11
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It doesn't make sense for the loan company to not assist you with that effort. It's their job to do that. You need to contact them again and request assistance. You can get an idea of how much you need to pay the Reverse Mortgage Lender by reading the monthly statement that's sent to your Mom's house. Since your Mom didn't have a Will or Living Trust, her Estate needs to go through Probate, and the Probate process will determine who gets Title to her house. Whoever receives Title can refinance the house into their name.

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