Reverse Mortgage?
schwabauer1 asked:
I my name is not on the title or I am not a barrower on the house…do I have to pay it back after my Father passes away? Can the Government or bank come after me at all?
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I my name is not on the title or I am not a barrower on the house…do I have to pay it back after my Father passes away? Can the Government or bank come after me at all?
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February 27th, 2010 at 12:16 am
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If your father is the one who has the reverse mortgage, then yes, you would be required to pay the money back (usually, the house would be sold to pay it off).
Here is information from AARP about reverse mortgages:
Additional information from the FTC:
I hope this helps.
February 27th, 2010 at 12:38 am
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Hi,
If you are a legal heir, you will be asked to pay. If not, the mortgage company will initiate steps to repossess the house. You will have to take a decision depending on your financial circumstances and willingness to retain the home. It’s better to consult an expert. Checkout for some useful info and tips. Good luck!
March 1st, 2010 at 8:04 pm
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The larger the loan becomes the more the banks will be owed. This simply means that your equity will shrink over time. Therefore when your father passes away you will inherit a smaller portion of the homes value. If you are the majority shareholder, you can opt to keep the home but will be forced to pay off the loan.