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Technically the reverse mortgage company set aside the LOC in an "account" to be used as PayrollHRGuy stated. The contract was not in any way changed on the death of one borrower. Do you think that the mortgage industry would create contracts that would allow a customer to unknowingly violate...
You may think on the surface that it is "not just". However, there may be many other circumstances at play that are not understood which may change what is considered "Just".
The line of credit was a line item on the closing audit statement of the reverse mortgage. There was only one loan and one mortgage that covered that loan. I would think that obligates either set of heirs as an encumbrance to the inherited property. A couple made the decision to consume their...
The situation is that a couple (both are bowers on the loan) took out a reverse mortgage with a LOC. Initially took an amount to pay off existing mortgage, closing costs and cash with a line of credit remaining. One spouse died and their interest in the property passed to children from a...
What is the name of your state? Texas
When a reverse mortgage is established with a line of credit, when is the line of credit amount secured by the property it is being loaned against? Is it secured when the loan closes or is it secured only at the time the line of credit money is disbursed...
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