Reverse Mortgage

My Dad just died. He lived longer then his money lasted. They have two homes, one with a reverse mortgage, the other with ,000 remaining on a second my Dad took out, without my Moms knowledge. Bottom line is he left her broke, no life insurance policies to speak of. And only 00.00 a month from social security. She doesn’t want to sell either house but was thinking about renting out the one with the reverse on it. Can she do this, she’s got no money coming in from anywhere, I’m afraid this stress is going to kill her. She lives in Palm Springs, CA..
also, there’s about ,000 left in the reverse account. The homes are worth anywhere from 0,000 to 0,000, depending on the economy, which sucks. Thank you for any help.
Her name was on there with his name… He forged it.

I’m assuming they don’t let everyone do a reverse mortgage – what are the DISqualifications?

In short:
Senior inlaw CA house value: 700,000
Mortgage consolidated with cc and other debts: 400,000
These people are still racking up the debts

When father IL passes on, mother IL wants to do a reverse mortgage so she’ll have money to live out the rest of her life. She was told she just has to hit a certain age. She seems to think the house will be left to us, but we doubt there will even be a house.

But would she be qualified? Wouldn’t they not allow a reverse mortgage if your debt was too high?? Thanks!

Now she an live there or she can rent it or what ever , just when she passes it will go by by .
Now her son is very mean , and a bad drug addict , he is abusive to her , we have done everything to get him to go , even the police will not make him go , they say he has to be evicted , he’s 45 , been looking for a job for 30 that i know of , APS can only help if she does this or that , But she is 66 with no transportation, she has been driven down so bad she is weak an lost . Now from my experience , I believe there is a 3 DAY eviction (Texas ) Coz he now is a convicted Felon for drugs and other things to , and I think he would only get a 3 day vacate notice , then file for constable action ,Or with a reverse Mortgage couldn’t she rent out the house and he would have to leave anyway ? Any Ideas ?

My folks paid of house many moons ago, and now, just depending on Social Security and Mom’s Medical Insurance, they are needing funds to live off of AND to assist in re-vamping the house.

They need to change the house somewhat physically because Dad will no longer be able to go upstairs (for showering) unless something is done SOON.

We are currently looking at options (such as a stair lift chair).

My siblings are very VERY wary of the Reverse Mortgage. They are afraid that someone will take the house from them when my folks pass away. I don’t care about that as much as Ma & Pa need the money to help them have some Quality In Life. The house is junk, and falling on it’s ear, anyway. I’m surprised it hasn’t been condemned by the city, like the house next door to them that is now a lovely open lot.

RE professionals
Persons who have done the Reverse Mortgage
Estate Planners

All are welcome for your advice!
Please be prompt – I need to submit your advice to my siblings tomorrow in our meeting of how to help out Ma & Pa.

God Bless!

031409 2:41
yawnwho – yeah, that is my point – hang the estate. Ma & Pa are #1 in my eyes right now. I think the major hangup is my sibling who is the Executor of their estate, he has never owned a home, and I’m thinking that he ‘hopes’ that the house will fall to him…but I doubt he’d use it – probably just sell it.
I think I’m just going to have to just leave this to God.

are the caregiving son/brother who has been a caregiver since 2005, literally have broken my back lifting my now deceased, 86 yr old, wheel chair bound, dialysis patient father around. I have no money, i am disabled from the back injury, on Medicaid, and I need to be set free.
How do I ,even though I am willed 3/4 of the remaining assets, stop Medicaid from chewing up the money when I call it quits and am forced to put both mother and sister into a nursing home?
Yes it is mom’s reverse mortgage and there is still 0,000.00 in a line of credit. Isn’t there a provision that Medicaid cannot lien a home that harbors a disabled child/person? If so how does this apply to my situation or how do I make it apply for my sisters sake? Hate to see that go to a spend down when she and or myself could use that money in the future.I hope I do not sound cold-hearted-I am really truly very concerned for the future considering I am 49, disabled and probably will not be able to make it back into the workforce again. EVER!

Her husband died last year. She does not work. I think she collects disability. She and her daughter were talking with me present about the fact that she made a deal with the mortgage company where they pay off her car in exchange for some payment plan. I guess she did this but now wants to get a reverse mortgage. What does this mean for me? Do you think she is in trouble of losing her house? I don’t think she will answer this question if I asked her. She is upset enough about her husband passing and cries every day.