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Old 04-13-2013, 09:29 PM
 
4,567 posts, read 9,302,370 times
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Have you called the bank yet?
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Old 04-14-2013, 12:10 PM
 
Location: Irvine, California
55 posts, read 112,549 times
Reputation: 26
He'd stop it like he'd stop any other mortgage ... all he has to do is pay if off. Why are you asking about stopping it? Do you understand how it works?
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Old 04-15-2013, 05:36 PM
 
426 posts, read 1,790,996 times
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Good information on here .

Bottom line is nobody can force you to continue with a mortgage you dont want. Pay it off by refinancing, cash or selling.


Thomas Davie

Community Lenders
NMLS #960141
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Old 04-15-2013, 06:08 PM
 
Location: Boise, ID
8,047 posts, read 25,779,085 times
Reputation: 9390
Quote:
Originally Posted by mryomaxyo View Post
my mom died may 2010 my stepdad got a reverse mortgag june 2011 is there anything i can do to stop it ?
It sounds like you are unhappy that your stepdad is taking out the equity on a house you feel should be your inheritance. Am I reading that right? If so, if the house was left to your stepdad in the will, there is probably absolutely nothing you can do unless there was a provision made in the will that the house will go to you upon your stepdad's death.
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Old 04-22-2013, 12:59 PM
 
3,763 posts, read 11,361,860 times
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Quote:
Originally Posted by Lacerta View Post
It sounds like you are unhappy that your stepdad is taking out the equity on a house you feel should be your inheritance. Am I reading that right? If so, if the house was left to your stepdad in the will, there is probably absolutely nothing you can do unless there was a provision made in the will that the house will go to you upon your stepdad's death.
If the house was left to the stepfather, then that's the end of the first will.

Whether or not the house would pass from the stepfather to the stepchild, would depend on what the stepfather's will/trust designated.

Unless its through a trust, you do not control subsequent distributions of property through a simple will.

(When I die I want the rocking chair to go to Susan, but when Susan dies I want it to go to Susan's daughter, and when Susan's daugther dies I want it to go to the center for rocking chair preservation...)


If your stepfather is the deed/property owner of the house, he can reverse mortgage it if he wants to - wheter or not its a good decision for him, or anyone else in the family.

If your stepfather is mentally incompetent and you worry that he's being taken advantage of legally, its a legal fight to prove him incompetent.

Best of luck.
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