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QUESTION:
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my mom died | My mom who was 64, did a reverse morgage in nov.2008
and died jan. 22nd after a brief illness..she had no
will, and at the time of the reverse morgage still owed 45 thousand on her property, valued at aprox. 140,000......what happens to her property? does the lender take over? |  | asked by amylynne, 2/7/2009 |
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Categories:
Sell/Buy a Home
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| ANSWERS: | | Answered by: Wes Hudson, 02/10/09
Overall Rating:  Be the first to rate it. | Amy,
God Bless you. I am sorry for your loss.
If the Reverse paid off the Mortgage when she took it out, she should have some equity left.
I would estimate around 70-80K, just based on the information you have provided.
Contact the Mortgage Co (The Reverse), let them know she has passed.
You can either sell the home to pay off the Reverse, or get a forward Mortgage to pay the balance, and then you own the home.
The Reverse co will give you 6 mos to sell it, and grant you up to two 90 day extensions if needed (maybe more in this market)
If I can help in any way, let me know.
Wes Hudson
SeniorReverseMortgages@yahoo.com
910-262-4083 Login to rate this answer: |
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