will reverse mortgage transfer to new home after coverd home is loss in fire

[sheilasday]

delaware

 

[sheilasday]

my question is...what will happen to my reverse mortgage after they learn my home was a totqal los in a home fire last week....insurance will rebuild ..on same site...will reverse mortgage co Champion,,,,transfer my reverse mortgage to the new home,,,i hav e had my reverse nmortgage for ten years,,,an owe bout $ 140,000.00~~~ home is covered for about 170,000.00....pleae tell me I wont have to pay the reverse mortgage co any money and they will just transfer my account.......am very anxious about this thanks for any info

 

[LdiJ]

You don't even have to transfer anything.

 

[PayrollHRGuy]

It will be no different that a standard mortgage.

As long as the rebuilt home meets or exceeds the collateral of the RM there shouldn't be a problem. There will be nothing to "transfer."

 

[justalayman]

You need to review your contract for the reverse mortgage. There may be requirement to notify them of issues such as you have experienced and there may be reuirments regarding the replacement building. The replacement building may have a different value than the prior building and that can affect your reverse mortgage.