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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: reverse mortgage Posted by Linda Marmion on September 15, 2010 at 10:49 AM In Reply to: reverse mortgage posted by Guy on September 12, 2009 at 2:47 PM : Hi David, : : Congratulations on the lead! Your message implies that the Mom/decedent has the reverse mortgage in her name. If this is the case, once the lender knows of the death of a trustor, the entire loan balance will be due in full and a notice of default will be filed and foreclosure proceedings will commence. Probates of real property are very technical. Rick the Probate Guy knows all the ins and outs. Send a message to the e-mail listed, removing the numeric characters or check the web site www.closeprobate.com Question: my fathers home has a reverse mortgage on it, he passed away in July 2010, say the loan balance is $250,000, this entire amount is to be paid off to the lender. What if the home might sell for $325,000, does the reverse lender get only the balance owed to them or do they get the full amount from the sale? Thanks Linda Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi David, : : : : Congratulations on the lead! Your message implies that the Mom/decedent has the reverse mortgage in her name. If this is the case, once the lender knows of the death of a trustor, the entire loan balance will be due in full and a notice of default will be filed and foreclosure proceedings will commence. Probates of real property are very technical. Rick the Probate Guy knows all the ins and outs. Send a message to the e-mail listed, removing the numeric characters or check the web site www.closeprobate.com : Question: my fathers home has a reverse mortgage on it, he passed away in July 2010, say the loan balance is $250,000, this entire amount is to be paid off to the lender. What if the home might sell for $325,000, does the reverse lender get only the balance owed to them or do they get the full amount from the sale? Thanks Linda [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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