Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




Inherited home with reverse mortgage...

Reply to topic
Money Talk > Real Estate

Author Thread
sheldon
New Member


Cash: $ 0.90

Posts: 4
Joined: 01 Sep 2013
Location: UT
Inherited home with reverse mortgage...  Reply with quote  

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
Post Sun Sep 01, 2013 3:47 pm
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 717.80

Posts: 3491
Joined: 21 May 2006
Location: arizona
 Reply with quote  

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.
Post Sun Sep 01, 2013 4:15 pm
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016