Legal Question in Wills and Trusts in California
My dad just passed away. His funeral is $4,300.I am his only child . Mom is deceased . His life insurance company says that his policy is for accidental death only . I can't find any other paperwork except homeowners insurance which I have not contacted BCZ dad has a reverse mortgage . He told me last year that he made provisions for me to remain in this house if he were to die
2 Answers from Attorneys
Sorry for you loss. With a reverse mortgage you have 6 months within which to pay it off. If you cannot re-finance, then you need to sell the house or they will foreclose. There are provisions for some extensions of time, but you need to be proactive.
To sell or re-finance the house you will need to file a Probate action. You should consult with an attorney as soon as possible. As the Executor of the Estate you will have authority to go to any banks and brokerages to secure any other assets that your father may have had.
My condolences. It is normal to be a little scattered when you have just experienced a loss... so please don't be offended if I gently point out that you didn't actually ask a question. Look for a Will or living trust, bank statements and retirement account statements (if any.) Get a copy of the deed to the house from the recorder's office or a title company. You should also get a valuation of the property, and find out what the balance is on the reverse mortgage, in order to determine whether it is worth your while to file for probate. Mr. Feldman's advise to consult a lawyer is good.
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