How does a reverse mortgage work?
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How does a reverse mortgage work?
My aunt has power of attorney over my grandmother’s estate, on which they have placed a reverse mortgage on. My mother and step-father take care of her 24-7 since she is bed ridden. They recently purchased a home near their family (us)and are jumping back and forth with my grandmother, since my aunt states that they have to stay 16 days each month in my grandmother’s home, due to the reverse mortgage. My aunt has also threatened to find someone else to care for my grandmother but my grandmother wishes to stay with my mom and step-father. What rights and power does my mother have in this case as for caring for my grandmother, and keeping her at my mother’s location, without hurting the reverse mortgage?
Asked on April 23, 2014 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
a “reverse” mortgage, the property owner obtains money from the lender and does not pay the money back while the borrower resides in the secured residence for the loan.
The loan is repaid when the borrower dies, sells the residence, or when the home is no longer the borrower's primary residence. For more infirmation, consult with a real estate attorney in your locality. One can be found on attorneypages.com.
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