Legal Question in Bankruptcy in Georgia
Reverse Mortgage Line of Credit
I have a reverse mortgage line of credit. I have only used $12,000 of it.
Do I need to assign a beneficiary or an executor in case of my death. Also if bankruptcy was an issue, What would happed to the unused portion of the line of credit.
Asked on 9/05/08, 4:26 pm
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Re: Reverse Mortgage Line of Credit
The first place to look for answers is your contracts and paperwork. In banruptcy (and probably elsewhere), "unused line of credit" is likey just a less accurate of way of referring to the equity in your house, but again, we can't guess what the specific facts are. If you see a bankruptcy lawyer, he/she will provide the answer.
Answered on 9/05/08, 5:14 pm
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