Legal Question in Real Estate Law in California
reverse mortage
If my dad wills me he's house and he has a reverse mortage what can I do to keep the house and would I only need to pay what he has taken out
Asked on 4/30/08, 4:55 pm
1 Answer from Attorneys
Mitchell Roth
MW Roth, Professional Law Corporation
Re: reverse mortage
When he dies, there will be security interest in the house for what the lender is owed. You will have to refinance the house to pay that off, through probate. You should tell him to set up a living trust and transfer the house into the name of the trust. This will avoid probate. Make sure you also get a durable power of attorney. You can learn all about this in lay terms and get plain English forms you can use by going to my website www.IWant2CreateMyLegacy.com.
Answered on 4/30/08, 9:12 pm
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