Q: I asked a previous question regarding domestic violence and being kicked out of my home. I now live in my grandmothers
Home, that I cared for for years but had to go to a nursing home and she had a reverse mortgage on the home and is now in foreclosure and so I will need to find a place to live or buy the property at forclosure? Is that my only option?
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- Pennsylvania
- (610) 676-0650
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- Answered
A:
There are specific rules regarding the purchase/repayment of the reverse mortgage by a family member. If the reason for the foreclosure is that your Grandmother is in a Nursing Home the contract should have provisions that cover this situation. It could be dependent on her status and whether it is temporary or permanent.
Regarding the purchase by a family member, this can be a very difficult process. The first thing you should do is get the loan payoff and then do an initial assessment of the property value. If there is equity in the property after paying off the loan then your next step should be to check if there are any Judgments against your Grandmother that are liens against the property. Without more information I can't provide additional guidance. You should contact an Attorney that has experience in this area and can guide you through the process. Please feel free to contact my office if you wish to engage me for assistance with this matter.
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