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QUESTION:
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Owner of home no longer able to care for herself.. | My mother has become incapable of taking care of herself.Her mental capacity has been going down for years.She signed this Reverse mortgage with a lender. This was unknown by the family at the time.Had we known, it would not have happened.She has progressively gotten worse , and now totally unable to thrive alone. How do we(family) get her out of this Agreement.We currently have the house for sale.
Thank you.. |  | asked by wannaknownow, 9/21/2009 |
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Categories:
Reverse Mortgages
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| ANSWERS: | | Answered by: krayfield, 10/16/09
Overall Rating:  Be the first to rate it. | Dear Wannaknownow,
Reverse mortgages have a "non-recourse" feature to them, which means that the borrower is not responsible for the debt. Technically, she could just walk away.
But, judging from your letter, there may be equity in the home, which you would certainly want to capture. The best way to capture the equity is to sell the home.
If I can be of any further help, please don't hesitate to contact me.
Karen Rayfield
Reverse Mortgage Specialist
New American Mortgage
(757) 287-3331
karen.rayfield@newamerican.com Login to rate this answer: |
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