Home Buying in 19139>Question Details

AliceAMWilso…, Renter in Upper Darby, PA

What can I do to remain a house I grew-up/stilll living in, that has reversed mortage attached by my recently deceased mother?

Asked by AliceAMWilson1057, Upper Darby, PA Fri Mar 8, 2013

I was informed that I had 39 days to move out. I heard that HUD owned it, but I'm not really sure. Also, I know that 20 years ago, that there was a program that allowed you to purchase a house for $1, received a grant to fix it up, with the understanding that you had to dwell there while renovating. Is this still so?

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amazing the junk that can be posted here - trulia - wake up - have a moderator working on the weekend to remove nonsense like the post below!
0 votes Thank Flag Link Sun Mar 17, 2013
I'm in N.E.Philadelphia but I would be happy to meet with you in my office to discuss this with you. If you want to call me at 215-725-5700 X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Sat Mar 9, 2013
Alice:

This is a question for a Pa licensed attorney that can look at all the documents and give you very specific and verifiable advice.

Managing the reverse mortgage and purchasing a property from HUD are totally different streams of action. Each one must be dealt with directly and individually.

Please seek legal advice, there are community legal aid offices in Philadelphia, seek one out tomorrow while you still have time.

Ana Barlow
The Barlow Group at Keller Williams Center City
anabarlow@gmail.com
0 votes Thank Flag Link Fri Mar 8, 2013
Found this information in an article about reverse mortgages - these are your only options - there is no $1 dollar program... or grant ...or anything creative you can do other than the following:

"Once the mortgage comes due, the borrower or heirs of the estate have an option to refinance the home and keep it.(or buy it outright if you have the cash and don't need a loan)........... sell the home and cash out any remaining equity........... or turn the home over to the lender. "

"Once a reverse mortgage is called due and payable, the borrower (or their heirs) can possibly be granted time extensions by the lender to give them up to one year to make this decision."

Check with the lender as to a possible extension if you are in a position to refinance the loan, if there is enough equity left, so that you can remain in the home.

The good news is - that if the home is worth less than the total loan amount, you, as an heir, and the estate, will not be held responsible for any shortage.
0 votes Thank Flag Link Fri Mar 8, 2013
Hello:

You have the ability to buy the house. If there was a Will and there is equity in the property you can purchase the property for what is owed. Check with the lender what is the payoff balance; then check with a local realtor as to how much house is worth.

Also, check with your local lenders for your State.
0 votes Thank Flag Link Fri Mar 8, 2013
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