I needed to move into my mom's (81 yr old) home to start providing care for her dementia and become her POA. I just learned that my oldest brother talked into a reverse mortgage for what logical reason I have none. She retired after my dad passed and receives his retirement pension, her retirement and her Social Security every month @ $2300. I have had to go out on disability retirement when I was 51 with the narrowing of my spine, i had surgery in 2009 for it and felt great til 2012 when the pain become increasingly rapid...
Ok so some day my mom will either need skilled medical care facility or hopefully she will be fortunate enough to pass away gracefully. Either way i need to let the reverse mortgage company know of her passing.
What now? Does the bank now sell her house underneath me? while on disability? I'm really at a lost of what my options are when this does become a reality...Help if you know this type of financial situation and can provide any suggestions! Thanks alot
Otherwise, the bank will call the loan as soon as person who took out the loan passes or is now living in a nursing home. And the banks are no nonsense, within a month the mortgage company will be calling asking for payment on the loan or if the house is on the market For Sale at fair market value.
Let's hope your brother has ALL the details regarding a Reverse Mortgage.
Did it pay for her living expenses, or did brother make off with it, somehow?