HOW LONG DO I HAVE HERE??
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HOW LONG DO I HAVE HERE??
My Mother passed away 3 weeks ago and her house is in a reverse mortgage situation. I have been living in the house for 3 years and found out that she left the house to my daughter and as a teeant, how long will I be allowed to live in the house before having to move?
Asked on June 25, 2009 under Real Estate Law, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
My condolences to you and your family. She left the house to your daughter as a tenant? That doesn't make sense. How long you have to move? Not sure, what is your contractual arrangement? What does the reverse mortgage contract state in terms of death of the individual? What does your daughter state?
Did your daughter know your mom had a reverse mortgage and not a straight mortgage?
See the following from freeadvice.com:
What about the reverse mortgage program to help me with finances?
A reverse mortgage is a special type of private home loan that lets homeowners convert the equity in a home into cash. While we are all familiar with the monthly payment formats of conventional mortgages, the reverse mortgage, in contrast, allows eligible homeowners (typically those 62 years of age or older) to borrow against the value of their home. The equity built up over years is paid by the lender in a stream of payments (or possibly in a lump sum). Unlike a traditional home equity loan or second mortgage, no repayment is due, under most plans, until the home is no longer used as a principal residence, a sale of the home, or death.
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