Legal Question in Real Estate Law in Florida
I used a reverse mortgage on my grandmothers home in Maryland to purchase a home in Florida (cash and homesteaded in my name). That home in MD is now in Forclosure and my granddmother lives with me at the home in Florida. Can the bank in MD come after the Florida house for any unpaid balances?
Asked on 8/14/13, 10:31 am
1 Answer from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
The reverse mortgage company can only go after the collateral and individual who signed their mortgage. I thought reverse mortgages were used to get cash out of the house and they are payable after death out of the proceeds of the house. I would seek some legal advice with all the paperwork. You may need to consult an attorney in MD and then Florida.
Answered on 8/14/13, 1:13 pm
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