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Kisha- The mortgage does NOT automatically revert back to the lender. The mortgage must be repaid in the event the seller dies. This can be achieved by selling the home. The heirs of the seller have the legal right to sell the home to repay the mortgage, and in today's market they can repay the loan and walk away with a profit from the sale of the home.

Kisha- The Estate of the seller becomes responsible for repaying the loan or letting the house go back to the lender. As stated above the estate can sell the home to repay the loan.

 

Question: It has also been stated that if the homeowner owed taxes on the house, then the home couldn't be sold. Any truth to that?

 

Kisha- There is a two-part answer to your question.

When a senior takes out a reverse mortgage; they are still responsible for the annual property taxes and maintenance of the home. If not budgeted correctly they can easily become delinquent on their property taxes and lose their home to a foreclosure tax sale. However, they can sell the home, and the taxes can be paid from the profit of the sale.

   

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Question: Well Kisha you've put a lot of rumors to rest! Our community can greatly benefit from your many years in the housing business as a realtor and expertise in this arena. Are there any other misconceptions that you want to clear up? Also, how can people reach you if they need your services?

 

Kisha- I want our community to be educated on the pros and cons of a reverse mortgage. It can be a very helpful monetary resource for seniors on a fixed income, but they must be properly educated first. I've seen many homes lost because of the misinformation out there. I'd be happy to answer any questions about how to avoid losing a home with a reverse mortgage. My contact number is 214-854- 2424.