Mom had a reverse mortgage done several years ago. After my father passed away I found out there wasnt any money left. Part of the reverse mortgage agreement was to keep the property in good condition. Its not in good shape. The reverse mortgage is in my mom's name not mine. She is now in a nursing home. I have no way of fixing up the house. I'm on a fixed income. I also dont want the house. What should I do?
1casade - before you contact the RM morgage holder, I'd suggest you find all the RM paperwork and carefully read. Then go and rent a post box like at a UPS or other mailing service store that become moms address for everything like RM, medicaid and any other accounts. There's going to be more things cropping up. I'd suggest instead of a phone call that you as dpoa send a 1 page certified letter to mortgage co that mom has moved to a NH, family has no interest in property and defaulting on contract with that new postal address on the letter. Keep the letter format on your computer as you are likely to have to do similar letters, again sent certified mail to other creditors who come after mom. Having a new address helps keep you organized and from any of this comingling with your financials.
Good luck.
Hopefully the house will sell at a good price to cover the cost of the Reverse Mortgage, as that has to be repaid, along with the interest, and fees.
If the mortgage company is ok with the house being sold, the POA could sell the house "as is", I would highly recommend getting a licensed Appraiser to give the POA a market value. It would be great to get out from under that house, as one would need to pay for real estate taxes, utilities, and yard maintenance.
Let us know what you find out.
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