How can I pay off a reverse mortgage? 5 Answers as of July 27, 2011Good Morning, I recently took out a home equity loan on my home ,so that I could keep my mother's home as a family home, I was advised that I need to speak to a Real Estate Lawyer, what advice can you give me. Thank You in advance for your time.
Law Office of Jared Altman | Jared Altman
You pay off a reverse mortgage the same way as any mortgage. Have the lender give you a payoff figure as of a given future date and pay them that amount on or before then. You may also have to notify them that you are closing the account so they don't keep a line of credit open and bill you service and other charges.
Answer Applies to: New York
Durgin Law, LLC | Matt Durgin
Once your mother ceases to live in the property notice usually is sent out to the interested parties. You can then request the payoff amount. This assumes your mother intended for you to have the chance to acquire the property. You may even find yourself being added to a foreclosure lawsuit as an interested party should it reach that stage. If your mother is still alive, she can request a payoff amount from the lender to payoff the reverse mortgage funds that were paid to your mother. This might be subject to various early payment fees.
Answer Applies to: Kansas
Law Office of Neal L. Weinstein | Neal L. Weinstein
The mortgage and note have terms in them regarding the payoff. Generally all you have to do is contact the mortgagee, determine the balance owed, and make the payoff, making sure to obtain a release and discharge.
Answer Applies to: Maine