Legal Question in Wills and Trusts in North Carolina
Co-owner on reverse mortgage has died. The other co-owner has living rights to home (they were not married) The deceased co-owner did receive monthly contributions from the reverse mortgage. Where does that money go that he was receiving?
Certainly the living co-owner would not be able to receive that money?! The home is the only asset that the deceased had.
Asked on 12/10/10, 3:55 pm
1 Answer from Attorneys
You do not provide enough information about when the mortgage was taken out, when the life estate was created, if the life tenant and/or remaindermen signed the mortgage, or the age of the person with lifetime rights. Without knowing these details, I cannot determine if the life tenant is still eligible to receive the funds or if the mortgage must be repaid NOW.
Answered on 1/18/11, 1:27 pm
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