Legal Question in Real Estate Law in North Carolina
My sibling, executor, of my parents estate took out a reverse mortgage on my parents house. I am considered a joint heir. My parents have died and the house is being foreclosed on and will probably be sold at auction for less the amount due on the loan. Am I financially liable for the loan and/or debts my sibling created in my parents name?
1 Answer from Attorneys
Are you sure your sister took out a reverse mortgage on the home? Reverse mortgages are complicated transactions that have specific age limits. If the RM was taken out before your parents passed they would have had to do it. If it was taken out later, she would have had to be at least 65 and she would need your signature on the Deed of trust. You may want to confirm what actually happened...but you are not liable, unless your name was forged on a promissory note.
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