I was living here at the time and still reside in the house. The intent was that I was working and would be able to pay back the loan and have the house. That didn't happen, I had cancer and since have had medical issues that don't allow me to work. I am on disability. My parents have both deceased and I am left without the means or the money to move or to repay the loan. I took care of my parents and Mom left me the house in her will. I have even thought of declaring bankruptcy to be able to keep the house. I can't afford an attorney and I have to go to court in 4 days time. I wonder if anybody out there has any idea of what I could do? My parents also left me their 2 huge dogs and a cat. Have you tried finding someplace that will allow you to rent with pets? I know that HUD has a lot more money than I do so their lawyers will make mincemeat of me in court but I have to try. Other wise my animals and I will be sitting on the curb - latterly. Just having a moan, but if anybody has an idea of what I can do please let me know.
You could check with your local Legal Aid [attorneys who help people who can't afford attorneys] to see if there is anything you can do.
Good news, as of August of last year, any new Reverse Mortgage loans now have to allow the surviving spouse to live in the property as long as the person was married to said spouse at the time the Reverse Mortgage was taken out, plus other qualifications. But the loan is still alive and well, and at some point would need to be paid if the spouse moves out, sells, or dies. This is only good for the spouse.... relatives/children who inherit the property would still need to pay off the lien within a certain time frame.
The idea of selling the property and settling the loan sounds like the best idea. If you have no money, you probably wouldn't be able to afford to stay in the house. Living in a house and keeping it up, along with paying insurance and taxes, can be so expensive. I am concerned about the dogs. Renting a house is expensive and apartments don't tend to welcome two big dogs. Do you have any relatives or friends who would give the dogs a good home?
Then there is the yearly homeowner's insurance on the house and the contents of the house, plus any umbrella policies that may exist. Then there are all the utilities. Then throw in routine maintenance, like if the plumbing needs fixing, or an appliance stops in its tracks.
I don't know who you are but you are an ANGEL!!! I have tried and tried the paths that I know. You don't know how much it would help me to at least know the animals have a place to go. I think I would be able to live under a bridge if the animals had a GOOD place to go. The fish had the right idea - he died!! But at least he is one less I have to worry about. If you can help us find someplace you will earn a special place in heaven. THANK YOU!!!