• Question
  • After Death re-payment of Loan

    Asked on 5/18/2011

    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?

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  • Categories: Reverse Mortgages, Reverse Mortgages & Heirs

Answers

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  • 60 year old from San Francisco, CA

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  • 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!

  • Login to rate this answer:   Answered on 5/24/2011
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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.

  • Login to rate this answer:   Answered on 10/16/2011
  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • The New York Times had a recent article about how important it is for children and parents to discuss estate planning issues before it is too late.

    http://www.nytimes.com/2013/05/25/your-money/aging-parents-and-children-should-talk-about-finances.html?src=me&ref=general&_r=0

    This article may be useful to you to see how another family dealt with the problem.

    We wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 5/26/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.