The finance company says, per FHA guidelines, that only she can withdraw money from the line of credit and therefore the money left is not acessible to moms heirs or estate.
This is another question for your competent legal counsel.
Due to depression, could she be considered incapable of signing her home away to a reverse mortgage company?But most of the time I prefer a slower death, one thats expected, that will let me revisit my life for a last goodbye.But, borrowers must also pay their taxes and insurance and maintain the property to stay within the reverse mortgage contract it is the monthly mortgage payments of principal and/or interest that reverse mortgage borrowers will no longer have to pay as long as they live.Michael Branson 8/18/10 8:03pm Wayne-I am truly sorry for your troubles, but Im not really sure how to respond to this.At that time, you would no longer be able to stay in the home as the lender would be the legal owner.No one can predict future property values and so no one knows if there will be a large amount of equity left when the borrower does leave the home or if the equity will be depleted due to falling property values and a rising principal.The financial decisions my FIL and SIL were not ones we would have made, and we told them that, but they were not interested.The bank does not own the borrowers home, the borrowers and their heirs (upon their passing).I am her.O.A.That is not something I thought was possible.I was there when the salesman was discussing a reverse mortage and at signing.I cannot give you legal advice, but I can tell you that you should definitely contact the lender or the servicer who is handling the loan.
Any filed foreclosure would contain the borrowers name and the property information, not yours, and therefore should never show up on your credit (after all, neither of you ever signed an agreement with that lender promising to repay a debt).Is the house dds discount dress shoes hers from the moment the borrower passes away?Most procedures take several months after initiated and borrowers can remain in the house during the process before the lender obtains title to the home.A reverse mortgage is a non-recourse loan.Susan with Responce 10/15/10 5:03pm I have had a bad loss.Francos death in 1975 still stands for the most horrible medical death, a death that only doctors could devise.
FIL had no life insurance, so funeral expenses need to come out of estate.