Legal Question in Real Estate Law in California

reverse mortgage

I am age 62 and have lived in a single family house together since 1955. At age 81 my mother has dementia and soon will be in a assissted living home. can I continue with the same reverse mortgage and take over? or will I have to start a new reverse mortgage for myself and pay the balance, or continue as is?


Asked on 7/08/08, 1:35 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: reverse mortgage

I can't speak to all reverse mortgages, but it's quite common for them to contain a requirement that they must be paid off if and when the borrower fails to live in the mortgaged house for more than 12 consecutive months. The language is usually quite tightly written, with no exception for hospitalization, nursing facility living, or anything like that. So, one year after she moves out, the present reverse mortgage probably will become due and payable. This is likely to require refinancing, sale, payoff from other savings, or?

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Answered on 7/08/08, 2:57 pm


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