QUESTION:

Reverse Mortgage effects on asst living home

My grandmother is considering a reverse mortgage. The problem is that she does not get around as weel as she use to. If in the near future she goes into an asst living home or something similar how would this effect the reverse mortgage?
asked by jcook1118, 11/23/2007
Categories: Reverse Mortgages, Retirement Communities, Assisted Living Facilities
ANSWERS:
Answered by: SilverSurfer, 11/23/07
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It's good that you asked this question - a reverse mortgage typically comes due when the borrower (your grandmother in this case) either passes away OR leaves the house. So - if she left the house to go into assisted living, then the reverse mortgage would come due - however if she weren't living in the house anymore - then she would have the option of selling the house at that time to pay off the reverse mortgage.

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