Legal Question in Real Estate Law in Florida

reverse mortgage

my friend is 59 and her husband is 74 he obtained a reverse mortgage

in his name. he has a life estate on the propery and his wife takes title upon his death. assuming she pays off the mortgage will she maintain the previous homestead exemption and the previous tax base for the property


Asked on 6/11/09, 11:11 pm

2 Answers from Attorneys
Frank J. Pyle Probate Attorney Throughout Florida

Re: reverse mortgage

Probably on the homestead exemption, and probably a step-up in basis, but your facts don't add up. I don't think the situation is quite as you described it.

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Answered on 6/13/09, 11:01 am
Charles Gallagher Gallagher & Associates Law Firm, P.A.

Re: reverse mortgage

That is a question to be answered by the local tax collector. Its up to them.

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Answered on 6/12/09, 9:11 am


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