coppermanandson
Member
What is the name of your state (only U.S. law)? PA.
I'm not sure this is in the correct area but here goes. My mother who has signs of dementia, but not yet diagnosed, went for a reverse mortgage a year ago with out my knowledge. She took a lump sum
then proceeded to spend $50,000.00 of it on bills and mail order junk. Someone then sold her two annuities for $20,000.00 & $100,000.00 that mature in 2018, she is 70. She can't remember any of the details of the transaction and tried to get a second reverse mortgage, that's how I found out about the first one. She is incurring $700.00 +- a month interest against equity and is in negative equity now with the housing slump. Can she just walk away and keep the $120,000.00 or will she have to pay back the difference? Second question, She is unable to afford staying in her home and mentally unable to care for herself, How will all this affect her being placed into some sort of care facility? I'm her only living son and have POAWhat is the name of your state (only U.S. law)?
I'm not sure this is in the correct area but here goes. My mother who has signs of dementia, but not yet diagnosed, went for a reverse mortgage a year ago with out my knowledge. She took a lump sum
then proceeded to spend $50,000.00 of it on bills and mail order junk. Someone then sold her two annuities for $20,000.00 & $100,000.00 that mature in 2018, she is 70. She can't remember any of the details of the transaction and tried to get a second reverse mortgage, that's how I found out about the first one. She is incurring $700.00 +- a month interest against equity and is in negative equity now with the housing slump. Can she just walk away and keep the $120,000.00 or will she have to pay back the difference? Second question, She is unable to afford staying in her home and mentally unable to care for herself, How will all this affect her being placed into some sort of care facility? I'm her only living son and have POAWhat is the name of your state (only U.S. law)?