Defaulting on a reverse mortgage?
OK, this may seem a strange question, but the world is a strange place so here goes … My grandmother is currently living in a house that can not be insured because of its proximity to the Gulf of Mexico. Because of the current housing market, it is very difficult to sell the house and has recently considered a reverse mortgage. I understand that this is not really the situation in this type of mortgage, but is it possible for her to obtain payment of a sum lump purchase, then a new house of a relative with the proceeds of that mortgage? I understand that this would trigger the immediate repayment loan, but how the government handles the default? Would they exclude the old house? Please let me know how this could work as she becomes very frustrated with his current situation and as a college student, I do not have the funds to help! Thank you!
If the house can not be assured, she can not get a reverse mortgage. If the house is insured for a person aged 62 years and the house $ 200K value, the lump sum would be between $ 138,932 and $ 87,183. Why so little? They want to be sure they can sell the house for at least the amount they gave him, in case of foreclosure. But beware, it could sell its $ 200K house in a few days if it lowered prices to $ 160K and money ahead of a reverse mortgage.
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