I thought that I saw a post on here from someone about reverse mortgage and they said they could help me and I cannot remember who it was. We are bringing Dad to live with us but his contract says if he goes into long-term care he forfeits the house and I don't know what to do about this as he may go into assisted living fairly soon. thanks for your help
By the way GardenArtist, her father already has a reverse mortgage and she is dealing with the problem of fixing it up to sell and pay off the mortgage.
You have my sympathy - it's difficult, REALLY difficult to get a house in shape when the owner isn't cooperative.
Although you haven't asked, I'm wondering if you've thoroughly thought out what it will be like when your father comes to live with you. It doesn't seem as if he's very cooperative, and your house may end up like his unless you're constantly picking up after him.
Good luck.
If your Dad wants to keep the house he would need to re-fiance for a new regular loan to pay off the reverse mortgage loan. If your Dad cannot do that, then have him sell the house [has to be at fair market value] so he can get whatever equity is left, and to use the proceeds to pay off the reverse mortgage loan.