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QUESTION:
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Eligibilty of a living estate |
| I am to be 62 shortly and I reside with my elderly mother who currently has a living estate and I am the executor of that estate and make all decisions financial and medical. She suffers from dementia at times and is not capable of making any decisions concerning the day to day upkeep of the house. I am on the deed to the house and it is hers as long as she lives and resides in the home. Can I still qualify for a reverse mortgage under these circumstances? Is it necessary that she be the one to get the reverse mortgage or is it something I can do on my own? |
 | asked by neiger2, 5/21/2007 |
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Categories:
Estate Planning, Reverse Mortgage, Debt and Mortgages, Reverse Mortgages
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| ANSWERS: |
| Answered by: SilverSurfer, 08/29/07
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Unfortunately I'm not sure of the answer - perhaps you should talk to a licensed reverse mortgage broker AND an eldercare attorney to get their input on this. Login to rate this answer: |
| Answered by: Terry Dyer....All American Reverese Mortgage, 08/29/07
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You can get the reverse mortgage once you are 62. Since your mother's name is on title then she to would need to be on the loan and you would do that (sign for her) via a specific power of attorney(as required by the title company). The amount that you will qualify for will be based you your age as you are the youngest borrower.
For more information feel free to contact me directly.
Terry Dyer
President
All American Reverse Mortgage
CA, WA, OR, IL, FL
800-201-0343 x 227
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