Inquiry about a reverse mortgage?

Question

My parents got a reverse mortgage on their home, and my understanding is that the loan must be paid back when the homeowner either moves or dies. My Father passed away, leaving my elderly Mother in the home for now. Can one of the children/heirs get put on the deed legally (as a homeowner) so that the loan wouldn't have to be paid back until the heir sold the property, if the heir is 62 years old, and qualified?
I would ask the mortgage company, but it's difficult to get straight answers from them. Thanks.

Answer 1

You've gotten good answers, but let me bring it down one more level...

Your parents pledged the home to get the Reverse Mortgage. The bank is now first in line with rights to the home. Anyone else's rights to the home would fall in line behind the bank's.

Your Mother cannot give away something she has already given away. She gave the bank the right to the house. It's no longer hers to give away again.

It would be like selling a car and then showing up at the new owner's house, grabbing the car from the driveway, and handing it off to someone else...

Or buying dinner from the A&P, getting everyone around the table, and having the grocery man come into the kitchen and take the food back before you had a chance to eat. When you bought the food, you expected you would have dinner. You gathered everyone around the table because you knew you had dinner. You would never expect the store to come and take dinner back, but that's what you're trying to do with the Reverse Mortgage.

The bank acted in a certain way based upon your mother's pledge of the home. They loaned money and sold the loan to an investor. Your mother accepted the money and the right to live in the home under those circumstances. The technical name for trying to get the house back after using the benefit is "stealing."

And, BTW, your mother has no "heirs" until she dies.

Answer 2

All Reverse Mortgages are non-recourse home loans which means there is no personal liability to you or your Heirs - no matter what - Reverse Mortgage lenders can only look to your home's value for repayment (both Homeowner and Lender are insured against loss).

With a Reverse Mortgage, you can never ever be forced from your home (you own it) - the Reverse Mortgage does not have to be repaid until after you permanently vacate your home.

Are you sure it is a reverse mortgage? Website below may give you additional information.

Answer 3

No, reverse mortgage borrowers must be at least 62. Also, ones name on a deed is a separate issue from the mortgage.

Answer 4

BANKS supply own section own loan to the proprietors of homestead particularly old human beings under the scheme the persons possessing latest homestead are elligible for a private loan upto say 80% of the own loan as own loan own loan yet in a typical own loan own loan the own loan ought to be repaid and the homestead should not be quickly copnverted interior the banks call if no reimbursement is coming yet in this form of non-public loan because of the fact the owner of the home is old and now not earning any money would possibly not pay off the own loan and after the loss of existence or some 15 years returned if the own loan isn't completely repaid the financial enterprise will takeover the own loan and the proceeds of the promoting cost would be adjusted against the own loan and activity first and if any stability is attainable then repaid to the criminal heirs/guy or woman of the own loan residing i'm hoping this could be clean to you ok pl

Answer 5

Generally no. Adding someone to the deed would constitute a sale and the mortgage would be due and payable in full at that time.

Answer 6

Only if you wish to commit fraud. The company gave them funds in good faith and someone wants to defraud them out of their part of the deal.