Legal Question in Real Estate Law in Florida

I am an heir to an estate in Florida that has a reverse mortgage. My grandmothers lawyer has asked the mortgage company for a deed-in-lieu with no response. It's been a year and the mortgage company has not initiated foreclosure proceedings. Do they still have the right to foreclose later? At any point in time do they loose the right to foreclose and the house is mine without having to pay the reverse mortgage? It's only worth 60K and the reverse mortgage is for 160K.


Asked on 7/05/12, 2:08 pm

1 Answer from Attorneys
R. Jason de Groot R. Jason de Groot, P.A.

In order to even venture a guess, one would have to review a copy of the reverse mortgage, and the will. The way I understand reverse mortgages is that the homeowner gets money in return for the property upon his or her death. You are probably best to consult with the grandmother's attorney.

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Answered on 7/06/12, 6:43 am


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