Commented on a discussion 3/5/2010 at 10:43 am
I do not know if this personal story would help ease your mind about reverse mortgage. My mother in law had parkinsons disease and was bedbound. I took care of her along with my husband at mother' in
...Read MoreI do not know if this personal story would help ease your mind about reverse mortgage. My mother in law had parkinsons disease and was bedbound. I took care of her along with my husband at mother' in law's house. The conflict came up when the sister of my husband claimed that if her mom would stay in an assisted living, the house could be rented and the sister would get 1/2 of the rent. Well, then the idea came up to get a reverse mortgage from Fanny Mae Foundation. The bedbound mom signed it with a witness from the bank as the Notary public. They got the loan, the sister was given half of her share, and was sold at the time of mother in laws's death, and paid the reverse mortgage, and whatever was the equity left, was given to the children. What I knew bank who issued the reverse morgage loans will keep the property until the owner passed away. For that reason, your dad can live there for as long as he lives. You can ask the bank where your dad applied for reverse mortgage for better understanding of reverse mortgage. The law can change from time to time. Good luck.