Legal Question in Real Estate Law in New York
Reverse Mortgages
My in-laws had a reverse mortgage. They signed these forms and in them was a appreciation paragraph (this institution will receive 50% of the appreciation)which will now cost the heirs an add'l $107,000. Is this legal, I know it is unethical.
Asked on 2/06/07, 10:20 am
1 Answer from Attorneys
Bunji Fromartz
Fromartz Law Offices
Re: Reverse Mortgages
I am afraid this will take real reseach and cannot be answered off the top of my head. If the actual reat of return to the mortgage sompany is over the state stated maximum for consumer transactions there may be a legal problem withthat clause. If it will cost $107,000 it seems worth a couple of thousand to have the research done in depth on this question and indeed to even start an action because, as you say, it does seem unethical.
Answered on 2/08/07, 2:32 pm
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