Comments on: Reverse Mortgage Heirs: How Much Will You Owe? http://www.allrmc.com/blog/reverse-mortgage-heirs Thu, 10 May 2012 23:09:46 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bobby Howell http://www.allrmc.com/blog/reverse-mortgage-heirs#comment-50998 Bobby Howell Wed, 07 Mar 2012 15:48:26 +0000 http://www.allrmc.com/blog/?p=490#comment-50998 My mother in law, although aged, died unexpectedly. She is $250,000 (including interest to date) in to a very old reverse mortgage. My wife is the only heir to the home. We would like to keep the home but need some idea of what we'd be getting into. We'd be getting a loan to pay for it. One question is---will we then be responsible for debts/liens against the property? The main ones I am concerned about are: back property taxes, just from 2012....and a loan from the state a few years ago for some home inprovements. Both together total maybe $8000 right now. These two places I imagine have a claim on the estate? There is no other money or property other than the home to give anyone anything from her estate. How complicated will all this become in general? Thank you. So relieved to have found this site. My mother in law, although aged, died unexpectedly. She is $250,000 (including interest to date) in to a very old reverse mortgage. My wife is the only heir to the home. We would like to keep the home but need some idea of what we’d be getting into. We’d be getting a loan to pay for it.
One question is—will we then be responsible for debts/liens against the property? The main ones I am concerned about are: back property taxes, just from 2012….and a loan from the state a few years ago for some home inprovements. Both together total maybe $8000 right now. These two places I imagine have a claim on the estate? There is no other money or property other than the home to give anyone anything from her estate. How complicated will all this become in general?
Thank you. So relieved to have found this site.

]]> By: admin http://www.allrmc.com/blog/reverse-mortgage-heirs#comment-50746 admin Tue, 06 Mar 2012 02:35:55 +0000 http://www.allrmc.com/blog/?p=490#comment-50746 Hi Donna, You don't have to wait for the bank to take it back and then buy it back. You can contact the lender and let them know that you would like to exercise the option to purchase the property for 95% of the appraised value pursuant to the terms of the reverse mortgage. They will perform an appraisal and it will cost them that much to sell the home anyway so it's in not only your best interest but theirs and HUD's as well (they don't have to market, etc). Hi Donna,

You don’t have to wait for the bank to take it back and then buy it back. You can contact the lender and let them know that you would like to exercise the option to purchase the property for 95% of the appraised value pursuant to the terms of the reverse mortgage. They will perform an appraisal and it will cost them that much to sell the home anyway so it’s in not only your best interest but theirs and HUD’s as well (they don’t have to market, etc).

]]> By: Donna Weiss http://www.allrmc.com/blog/reverse-mortgage-heirs#comment-48312 Donna Weiss Sun, 19 Feb 2012 23:25:02 +0000 http://www.allrmc.com/blog/?p=490#comment-48312 My parents took out a reverse mortgage and are now in the Nursing Home. We had the farm appraised and the reverse mortgage is 30,000.00 more than what the farm is worth. We still want to keep the farm. If we let the back take it back, can we still buy it from them for less than the Reverse Mortgage? My brother is living in the home now and doesn't have anywhere to live. We are hoping he can stay in the house after the bank takes it back and hopefully we can buy it back from the bank. Not sure what to do so we can keep it. My parents took out a reverse mortgage and are now in the Nursing Home. We had the farm appraised and the reverse mortgage is 30,000.00 more than what the farm is worth. We still want to keep the farm. If we let the back take it back, can we still buy it from them for less than the Reverse Mortgage? My brother is living in the home now and doesn’t have anywhere to live. We are hoping he can stay in the house after the bank takes it back and hopefully we can buy it back from the bank. Not sure what to do so we can keep it.

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