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Moms Reverse Mortgage |
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Dear Edith: My parents, in their 80s, took out a reverse mortgage on their home. The property was appraised at $74,000 and they have taken out $51,430 so far. My father recently passed away, mother is still living there but is in poor health. If something were to happen to my mother there are things in the home that my siblings and myself want. Will we have the right to go in and take what we want, or will the mortgage company automatically take the house and the contents? Or can we sell the house and pay back the $51,430 owed to the mortgage company? |
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Like any mortgage, that reverse mortgage is a claim against the real estate. It does not affect any personal property in the house, and heirs could certainly take whatever they wanted and sell or give away the rest. The lender doesn't ever "take" or own the house. The mortgage must be paid off, though, when your mother moves out or dies. Often that money does come from the sale of the house. Anything left over belongs to the estate |
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Edith
Originally published on June 5, 2005 |
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