Does any one know about reverse mortgages?
My boyfriend and his mother both own a home and they took out a reverse mortgage.She is over 65 but he’s only 55.If the owner has to be over 62 how could they take out this type of mortgage?What happens to the house if she passes away?
Tags: Know, Mortgages, Reverse, reverse mortgage
They can’t unless he comes off title.
Passes away, the estate can either buy back the house, or deed it over to the lienholder.
Usually it goes back to the bank holding the lien
Perhaps she is registered as the homeowner. If he is 55, I hope she is a good way over 65