By Admin on Dec 18, 2011 in Financial Services
My mother and I own a home, if she dies first being older and I live in the home too, older me, will I be able to continue living in the home when she dies or do I have to move and sell the home? This is regarding the reverse mortgage policy
Equity has a point, if this is your loan as well you do not have to pay it off yet, but you will at the agreed equity limit.
If only she took out the loan you will have to pay it all back at this point. You just have to come up with the money, you do not have to sell the house if there are other funds to repay it.
Landlord | Dec 18, 2011 | Reply
Who applied for the reverse mortgage is more the question. If you both did then no the payments continue till you reach zero equity then the lender takes possession of the house.
Equality | Dec 18, 2011 | Reply
If the home is in her name you will have to honor the contract.
stan | Dec 18, 2011 | Reply