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She has a reverse mortgage on her house. I'd like to continue living here after mom is gone. She owes about 290k to the reverse mort. company. In this area, homes similar to this one go for much more, probably 450k. If I wanted to continue living here, I know I'd have to buy the house, but I'm wondering if I would have to pay the 290k to pay off that amount OR would the reverse mortgage company expect me to come up with whatever the house is worth now? I know I would need to see an elder care lawyer, but hoping there is someone who knows about this beforehand, as I definitely cannot afford 450k, but 290k I could handle.

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Thank you both. I can see that this is a complicated scenario. I so appreciate the time you took to answer me.
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Akaheba, reverse mortgages can become very complex if the heir want to keep the house. Does the $290k owed to the reverse mortgage also include the "interest" and the "fees"?

How much of the equity taken with the reverse mortgage does Mom have left? Why I ask is that eventually you will need to hire caregivers to come in to help you because it will become 168 hour week job that one person cannot handle, unless you have a lot of help from friends and relatives.

There could also come a time that Mom may need to go into continuing care. If that happens, most reverse mortgages allow the loan holder one year in case the loan holder is able to return to the house. Now, if your Mom should pass, then the reverse mortgage becomes due and payable immediately. They do give you a certain amount of time to refinance or to sell the house. One has to read everything on the mortgage note.

Glad you are seeing an Elder Law Attorney, they can unravel the complexities of these mortgages.
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You would have to repay the loan. If sold, anything over and above the loan amount would go to mom for her care. Definitely get with an elder law lawyer. You may have to buy the house at market value from mom if Medicaid will be a consideration.
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