My sister cares for my mother full time so she has no income except for the small amount we give her monthly. Does anyone know about how long she can continue to live in my the house after my mother passes. We have all agreed to keep my mom in her home and care for her ourselves. My sister will need time to find work and get on her feet.
If you choose the selling option, the house has to be listed at market value in order to sell quickly, and one can continue to stay in the house until it is sold.
Mine you, some Reverse Mortgage holders will hound you weekly to find out why the house isn't selling. You will need to find out how long you have to keep the house on the market before it goes into foreclosure.
There are pros and cons to Reverse Mortgages... this is one of the speed bumps with using this type of a loan. Plus if an elder is still around but goes into a nursing home, after one year the house has to be refi or sold. The bank/mortgage company gives one year in case the elder gets better and moves back home.
Every bank/mortgage company has their own rules, so read the mortgage note for any changes.