What is the name of your state? Georgia
My father-in-law died last summer. His will provides his second wife two years to live in their home. However, they had a reverse mortgage that must be repaid within one year of his death. The property itself is the only asset of the estate, and the proceeds (minus the mortgage and fees) are to be split equally between the wife and the two sons.
Because the 2nd wife does not have the cash to repay the reverse mortgage, she put the home on the market. She is also the executor of the will, which has been probated. However, because there has been little traffic on the house, she is claiming now that if it doesn't sell she will just have to let the bank foreclose. Clearly, this is unacceptable to the two sons.
If the sons use their assets to repay the reverse mortgage, would they be able to insist that she move out at that point or does the two-year clause in the will still hold?
Based on her willingness to simply let it go into foreclosure, can they have her removed as executor?
Do they, as beneficiaries, have any say in how the marketing/sale of the house is handled? (Pricing, etc.)
What are her responsibilities to the sons as far as sharing information? At the moment, she won't even tell them the name of the financial institution that holds the mortgage.
Thank you for any input.
My father-in-law died last summer. His will provides his second wife two years to live in their home. However, they had a reverse mortgage that must be repaid within one year of his death. The property itself is the only asset of the estate, and the proceeds (minus the mortgage and fees) are to be split equally between the wife and the two sons.
Because the 2nd wife does not have the cash to repay the reverse mortgage, she put the home on the market. She is also the executor of the will, which has been probated. However, because there has been little traffic on the house, she is claiming now that if it doesn't sell she will just have to let the bank foreclose. Clearly, this is unacceptable to the two sons.
If the sons use their assets to repay the reverse mortgage, would they be able to insist that she move out at that point or does the two-year clause in the will still hold?
Based on her willingness to simply let it go into foreclosure, can they have her removed as executor?
Do they, as beneficiaries, have any say in how the marketing/sale of the house is handled? (Pricing, etc.)
What are her responsibilities to the sons as far as sharing information? At the moment, she won't even tell them the name of the financial institution that holds the mortgage.
Thank you for any input.