What is a reverse mortgage ? Can I charge rent to my niece whose mother was on mortgage but is now deceased ?
1 Answer from Attorneys
A reverse mortgage gives senior citizens income when they own their homes free and clear and need some money, but do not want to sell or move. A lien is placed on the house and money is sent to them on a monthly basis (or in some cases in lump sum) for them to utilize as necessary. The balance on the mortgage goes up, instead of down as payments are made to the senior citizen. Typically, the house is sold once the person passes away. I don't understand your question, in the context you have asked it. However, this is the basic answer concerning what a reverse mortgage is.
Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, you should contact a real estate attorney to discuss your matter in more detail. Only then will you be able to rely on the advice. Good luck! Rob Gleaner
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