My mother passed away and left a Reverse Mortgage
Submitted by jasvi on Thu, 09/25/2008 - 5:44pm.
My mother passed away in Dec and left me with a reverse mortgage. I spoke with the financial company earlier this year and they told me "not to worry" and that they would send us a letter with what to do next. I just received a letter of a "notice of intent to foreclose". I don't want to sell the house but they tell me I have no choice now but to be foreclosed on. I can actually pay off the remaining balance of the loan but they say it is too late. Seems like I was talking to an incompetent person. Can't I just pay off the "reverse mortage"?
Comments:
That makes no sense to me, but I'm afraid I know very little about reverse mortgages. I suppose there is a due on death clause that says the loan must be repaid within a certain time after death, but I can't imagine that you can't simply pay it off, or refinance it at this point.
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