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I thought that I saw a post on here from someone about reverse mortgage and they said they could help me and I cannot remember who it was. We are bringing Dad to live with us but his contract says if he goes into long-term care he forfeits the house and I don't know what to do about this as he may go into assisted living fairly soon. thanks for your help

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thank you everyone. I did not know I could look up old posts either :-) yes he already has the reverse mortgage and he was of sound mind when he did it he is very used to getting whatever he wants when he wants it. He's very narcissistic. I do not want him to come live with me but it is being forced on me I think. He is at my sisters right now but they don't have room for him there and I have an empty extra bedroom but he is doing pretty badly and I'm hoping which is horrible but I'm hoping that something happens so that he has to go to the hospital and then we can get him into an assisted living or some such facility instead of coming to my house. I think he is in stage 4 of COPD or close to it but we've been through this before where we think he's dying and he rallies and just keeps going on smoking cigarettes and drinking Jim Beam and being a general jerk to everyone.
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Oh, don't feel embarrassed. Some people don't even know you can do that. Look up old posts, I mean. I hope you can contact her, she did say she would try to help. Good luck, it's so hard to know what to do and how to do it. It's like jumping in with both feet, nothing we learned in school prepared us for this. Ha! Maybe instead of taking French, I should've taken "Deeds, Wills and Trusts". Or "Medicare/Medicaid 101". It would've served me a lot better.
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TX, you're right. I missed that when I posted the second time. Thanks for the reminder. (Where are the emoticons when I need to post an embarrassed face??)
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The reverse mortgage company should also have an insurance policy that covers the amount that is not met after the sale of the home-they want to be sure they get their money. You can always check with an attorney but I'm not sure there is the solution you need. Was your dad competent when he signed the mortgage agreement?
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You are looking for sjolley2. She answered your question in December regarding your father and was it dementia or his being a stubborn old man. I found this through your profile, under answers.

By the way GardenArtist, her father already has a reverse mortgage and she is dealing with the problem of fixing it up to sell and pay off the mortgage.
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A reverse mortgage company will have an inspection of the house and if it's in bad shape, the mortgage wouldn't be granted. These companies wants houses they can make money off of during the mortgage life, sell them after the mortgagor leaves or dies, and make fat profits. It sounds like a mortgage wouldn't be granted now anyway given the condition of the house.

You have my sympathy - it's difficult, REALLY difficult to get a house in shape when the owner isn't cooperative.

Although you haven't asked, I'm wondering if you've thoroughly thought out what it will be like when your father comes to live with you. It doesn't seem as if he's very cooperative, and your house may end up like his unless you're constantly picking up after him.

Good luck.
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we are trying to put the house up for sale but it is in very poor condition and he refuses to spend money to fix anything and he has already been fired by 1 Realtor. we need to empty the house first and get the smell out as he has not been showering for up to 2 weeks at a time and doesn't clean anything up just keeps piling trash and dirty dishes everywhere and never opens the windows so there is a really bad smell in the house and it needs to be painted and needs yard work. he is also being unreasonable about the price he can sell it for. Thankfully we have a family friend who is a realtor and has known him for years so maybe we will get somewhere with that. Thanks for your help.
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The contact is right, if the reverse mortgage holder moves away from the home never to return or passes on, the reverse mortgage note becomes due and payable. This is pretty much set in stone.

If your Dad wants to keep the house he would need to re-fiance for a new regular loan to pay off the reverse mortgage loan. If your Dad cannot do that, then have him sell the house [has to be at fair market value] so he can get whatever equity is left, and to use the proceeds to pay off the reverse mortgage loan.
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