QUESTION
When a guest pays me to stay in my guest house, under my Reverse Mortgage does that rent money belong to the lender?
Asked on May 02nd, 2013 on Contracts - California
More details to this question:
I believe the no-rent provision of my RM contract prevents me from MOVING from the property and then collecting rent for myself. I cannot do that unless I give the rent money to the lender. However, I believe I SHOULD be able to be compensated for utilities and other expenses if I allow a guest to stay with me.
1 ANSWER
Business Transactions Attorney serving Los Angeles, CA
at
Doland & Fraade
Update Your Profile
Every good lawyer will want to see every word of the reverse mortgage before giving you analysis. Law is not "logical" or "common sense" (although it is systematic). It is a set of rules, and sometimes application of the rules does not produce a single clear answer.
Answered on May 02nd, 2013 at 4:24 PM