Hello and thanks for checking out this thread. My wife's father recently passed away and we inherited his home. Going through his residence and personal information, we discovered he had a reverse mortgage on his property, which he owned outright.
What are the pro's and con's of reverse mortgages?
Can they demand payment immediately on amount owed?
Will they sell the property to get their money?
My wife and her brother are listed as co-trustees in his will.
Thanks for any and all suggestions,
Sheldon
Sun Sep 01, 2013 3:47 pm
oldguy Senior Member
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quote: Can they demand payment immediately on amount owed?
Will they sell the property to get their money?
Not immediately, it happens when the estate closes.
Yes & yes. But it is one or the other, not both. You will be given the option to buy the house from them if you want to. Or if you elect not to buy it, then they sell it on the open market to clear the loan, recover their money, and return the overage to the estate.
