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Reverse Mortgage help

We have an elderly family member that reversed mortgaged their home and is now in permanent care. We are hoping to find someone reliable that knows how to handle the home. We have tried to contact the mortgage company to take the home, but they are reluctant to do anything.
Any attorneys or real estate people that handle this and could help my parents with it?

Thanks

Replies

  • ReefRocketReefRocket Jacksonville BeachPosts: 987 Officer
    I studied the RM for about a year for my Dad. If nobody lives in the house, then the house is to be sold and the sell of the house is to pay off the existing mortgage. If nothing happens in a year, then the mortgage company will sell it. Anything left over goes to the family. The house may have equity and is still owned by the family. If there is negative equity, then the Federal Govt Insurance protects the lenders from loosing money.

    I am not a lawyer or a mortgage person, just a end user. My father and I went as far as sending off the paper work for a Rev Mort but canceled because of a short term wind fall of cash. Probably will have to do refile such in 2014. RM are ugly. Interest and Fees will eat away dramatic equity in a few short years.
    Bobby Riggins, 904-626-8407,
    REALTOR® AT EXIT REAL ESTATE GALLERY
    www.fl4sell.com
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