Reverse Mortgage Inheritance Clarification

Summary

If you inherit a house with a reverse mortgage, the lender may send mixed communications. Contact the lender for clarification and consider free legal aid services.

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if a person inherits a house with a reverse mortgage where as the title has been transfered and is now in the name of the benificiary and recorded as the new legal owner the reverse mortgage lender has been notified of the death of the last borower the lender then sends a bill with the total amount owed acknowledging. then 3 months later sends a statement that says clearly this is not a bill what is going on
Hello Lee, it seems like you're dealing with a complexities of reverse mortgage after the death of the borrower. It's possible the lender is providing you with an update on the loan balance, not demanding immediate payment. For clarity:
*. Reach out to the lender.
*. Consult a local real estate attorney.
*. If you're considering paying off the reverse mortgage, get a payoff quote.
they already sent one then they sent a regular statement with the borrowers name on it
Hello Lee, it sounds like you're receiving mixed communications from the lender. It's possible that the statement is a routine update or an error. I suggest you:
*. Contact the lender for clarification.
*. Keep all documents for your records.
*. Consult with a local real estate attorney.
why do they allow the the title to change to the benificuary if there is a reverse mortgage does that make sense
Hello Lee, here are some reasons why the title might change to the beneficiary even with a reverse mortgage:
*. The borrower has died: The property usually passes to the heir or the estate.
*. The borrower has left the property: The property might pass to the heir or estate if the borrower moves out.
You should consult with a local real estate attorney for personalized advice.
cant aford an attorney need to handle this myself
Hello Lee, I understand your situation. Here are some steps you can take:
*. Get in touch with the lender for clarification.
*. Seek advice from free legal aid services in California.
*. Consider online resources for self-representation.
thank you
You're welcome, Lee! Don't hesitate to return if you have more questions. Good luck with your situation.