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I got a reverse mortgage about 15 years ago; at that time they said I would never owe more than the current value of the house; however now it is sayin I owe $50,000 but my house is a small 1 bedroom cottage worth MAYBE 15,000....where do I go from here if I want to sell my house....thank you for any info or help telling me what I can do next
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Take the mortgage and loan agreement to a local elder law attorney. The lender may have been referring to the fact that if you owe more than the fair market valye of the home when you die, your fellow taxpayers (via the Federal Housing Authority) will make the lender whole. This may not apply if your try to sell the house while you are alive. You might want to try the Find a Lawyer function on the website of the National Academy of Elder Law Attorneys (www.naela.org)
Answered on Dec 12th, 2019 at 5:06 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.