Mom passed and left a reverse mortgage

[susan b. anthon]

What is the name of your state (only U.S. law)? Missouri


I have a beneficiary deed on my Mom house and she passed away and left a reverse mortgage. I have no money to buy it what can I do. I have lived with her and will be homeless

 

[Zigner]

What is the name of your state (only U.S. law)? Missouri


I have a beneficiary deed on my Mom house and she passed away and left a reverse mortgage. I have no money to buy it what can I do. I have lived with her and will be homeless

You will need to find a new place to live...

 

[Antigone*]

What is the name of your state (only U.S. law)? Missouri


I have a beneficiary deed on my Mom house and she passed away and left a reverse mortgage. I have no money to buy it what can I do. I have lived with her and will be homeless

Absence the funds you need to buy the house, the bank will seize their asset. You do need to find a new place to live.

 

[HomeGuru]

What is the name of your state (only U.S. law)? Missouri


I have a beneficiary deed on my Mom house and she passed away and left a reverse mortgage. I have no money to buy it what can I do. I have lived with her and will be homeless

**A: can you qualify to get a loan to payoff the reverse mortgage loan? That is what it takes. You do not need to buy the property.

 

[nextwife]

How old are you? Did mom leave any life insurance you can use toward paying off the loan? Can you really afford this house (taxes, insurance, upkeep, utilities, etc.)? Are you working? If you can swing a mortgage to refi the other loan off the house, maybe get a roommate?

 

[FlyingRon]

How old are you?

Especially if you are over 62, you might consider talking to whoever has the Reverse Mortgage now and see if you can roll it over into your own.