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Old 04-14-2014, 07:22 PM
 
1,153 posts, read 3,364,615 times
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Parent took out a reverse mortgage..........they passed away ........we are not going to keep house nor sell it and they indicated to us that a deed in lieu of foreclosure provided that cleaer and marketable title can be conveyed...not sure what this option is........
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Old 04-14-2014, 07:36 PM
 
Location: New Jersey
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Quote:
Originally Posted by deeds View Post
Parent took out a reverse mortgage..........they passed away ........we are not going to keep house nor sell it and they indicated to us that a deed in lieu of foreclosure provided that cleaer and marketable title can be conveyed...not sure what this option is........
Pretty much the bank is taking the house.

Not the best option IMO for you as you get nothing when the house is sold.
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Old 04-14-2014, 08:33 PM
 
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My late Mom had a reverse mortgage. The rules (at that time in New York) said that any previous mortgage had to be paid off in full to be eligible for a reverse mortgage.

I'm confused as to why you can't sell the house?

To receive a reverse mortgage than the house should have been owned outright by your parents.
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Old 04-14-2014, 08:59 PM
 
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It would only make sense to let them foreclose or take a deed in lieu of foreclosure if it's underwater -- that is, the balance on the note is more than the house is worth.
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Old 04-14-2014, 11:16 PM
 
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Originally Posted by nybbler View Post
It would only make sense to let them foreclose or take a deed in lieu of foreclosure if it's underwater -- that is, the balance on the note is more than the house is worth.

That situation is not supposed to happen with a reverse mortgage. They tightly control the amount you can get out of the house.

Hopefully the OP will return & clarify the situation.
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Old 04-15-2014, 07:08 AM
PDD
 
Location: The Sand Hills of NC
8,773 posts, read 16,672,304 times
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Quote:
Originally Posted by daliowa View Post
My late Mom had a reverse mortgage. The rules (at that time in New York) said that any previous mortgage had to be paid off in full to be eligible for a reverse mortgage.

I'm confused as to why you can't sell the house?

To receive a reverse mortgage than the house should have been owned outright by your parents.
I had a reverse mortgage in NJ and the house was not paid off I had a lot of equity so I had no problem getting the reverse mortgage.

The only factual information you will get here is to contact the mortgage holder, everything else is speculation.
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Old 04-15-2014, 01:06 PM
 
2,996 posts, read 5,190,807 times
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Quote:
Originally Posted by PDD View Post
I had a reverse mortgage in NJ and the house was not paid off I had a lot of equity so I had no problem getting the reverse mortgage.

The only factual information you will get here is to contact the mortgage holder, everything else is speculation.

Good advice !
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