Mom is sick and has a reversed mortgage. Any advice?

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My mom took out a reversed mortgage unknown to me. I found out a year later. 2015 is when she did it. I live with her and my child who is disabled. I'm on the deed to the house. She is in the hospital and I'm scared. I know if she passes my daughter and I will have to sell my childhood home to pay back the loan. She owes 300k and the house is worth 600k. Has anyone successfully sold a house with a reverse mortgage before they try to foreclose. I know they give you about a year but I'm not sure if I can sell it in the time allotted. I guess I'm just looking for help and an ear for someone to listen.

Answers 1 to 10 of 22
Devastated, it's my understanding that anyone whose name is on the deed has to sign any mortgage. Was title held jointly at the time the mortgage was executed?

Does the $300K owed include the reverse mortgage, as amortized to date?

These are the first question to research.

You could only sell it if (a) both of you can execute the sale papers (b) your mother is still mentally qualified to sign, i.e., doesn't have diagnosed dementia (I'm not being cruel, just realistic). There might be Medicaid issues, but I'll leave that to people more qualified.

But first, let's focus on your mother and her hospitalization. What's the cause of it? What are her diagnoses? Has anyone told you that she may be facing end of life issues?

Devastedmom12,
My now 83 year old mother moved in with myself and my husband June 1st of 2017. She had a reverse mortgage on her home in Illinois. I’m her POA, and I had no problem selling her home. I got a realtor and put the house on the market and my attorney handled everything else once we had a buyer. I did have to provide proof of my POA documents. But once I did that I was able to sign for her. The house sold in no time and the check was made out to my mother and given to me. This process was new to me and I too thought that the reverse mortgage company was just going to come in and take the house. But after talking with them on the phone I learned that they would much rather you sell it on your own and give them their money. They ready don’t want to be bothered with the process of taking it over and now having to sell it. I suggest you get a good attorney that can walk you through the process. My attorney made it all go so smoothly. God Bless, I hope everything works out for you.
Thanks guys for responding. I'm her only child and she is in the early stages of dementia. Her INR level jumped to 8 out of nowhere causing clotting. I love my mom and shes fighting for her life right now. She isnt on medicaid. Shes on medicare.This past year was really hard as her dementia progressed. Dealing with her dementia and my daughters disability was emotionally and mentally draining and now shes in the ICU. I've been getting statements monthly which shows the balance along with another paper asking if she would like to withdraw.
I'm assuming the hospital will use something like heparin or lovenox to bring her levels down. I hope everything works out all right for her.

I'm wishing the best for her, and peace for you and your daughter. This must be difficult for both of you.

I'm not sure I understand the monthly statements. From what would she be withdrawing? Do you mean the reverse mortgage company is asking if she wants to withdraw more funds, increasing the amount outstanding?
Top Answer
Yes Garden Artist. The statement always comes monthly with the balance along with another paper asking if she wants to withdraw. Everytime I see the balance and that slip I just cringe. My mom was always stubborn. The house was already paid off. This house has been in our family since 1968 when her mom owned it. I guess I'm just numb right now. Since my mom's hospitalization everything is seems like a dream. I know I'm just a screen name but please keep me in your thoughts.
An INR of 8 is too high and will cause bleeding. If a person is on a blood thinner, specifically Warfarin, goal INR is usually between 2.0 - 3.0. A high INR can be treated with an antagonist (Vitamin K) especially in an ICU setting.

As far as giving the house up, that’s hard. But realistically the upkeep on a 50 y/o house can be costly, so sometimes giving it up is a blessing in disquise. 
Devestated, my husband's INR was 17 last year, for no apparent reason. As Shane says, they treated him with Vitamin K and a lot of kale!

Good thoughts to you and your mom.
Hey guys just an update on my mom. She has a temp and pneumonia that just won't respond to antibiotics. She has paralysis on her entire right side and may not be able to walk if she recovers. This really came out of the blue. I monitor everything. As soon as I realized moms dementia was getting worse I put in for FMLA then decided to resign from my job to care for her. It feels like everything is happening so fast. I grown so accustomed to her being here and it hurts really bad. She is my bestfriend and I was devastated when dementia took the person that raised me but even more hurt now that shes in the hospital. I look back now and say I would much rather deal with the dementia than deal with her not being here with me. If I lose my mom and the house I know it will be hard for me. Not knowing where me and my daughter will go, being homeless scares me. She is my rock. Please pray for me. I'm scared and lost.
I’m going back to Garden first post..... if your name was on the deed &/or the title of the home as registered at the courthouse & reads as an owner as per tax bills at the time your mom did the RM, you would have needed to allow for the RM and sign off on documents related to the mortgage and ownership. If that didn’t happen, I’d get a real estate atty to challenge the validity of the mortgage. And perhaps also to position a lawsuit against the RM of taking advantage of a vulnerable adult as they should have done deep dive to know of your position in ownership and if anything was changed to your ownership position that’s taking advantage of a vulnerable adult.

Personally I think there’s at the edge of predatory lending for many RMs. 300k on a 600k paid off house. Sheesh.

It’s a line of credit RM, isn’t it? That’s what the monthly letters are about. They want mom to drain out the LOC.
Hey guys just checking in. Moms condition worsened. Apparently the clot she had on her neck put pressure on her spinal cord making causing paralysis. When this first happened she could at least raise her left arm but now her left arm cant lift and it's in this weird permanent position. Doctors think she may have had a slight stroke or it could be something caused by her being in the bed for so long. I was under the impression if she went into a nursing home rehab she could get physical therapy. Doctor said she cant even sit in a chair anymore. Shes on a feeding tube, vent and the thing they use to release her bowels. Sorry I forgot the term. I always assumed I would have my mom until she was in her late 80s but I guess the universe had other plans. In the beginning they asked me if my mom went into distress do I want her to be resuscitated. I replied in tears YES. I want you to save my mom. Now I changed my mind. My mom is so frail and researching what happens when they try to resuscitate played a part in my decision. So I made that decision Friday and then the doctor asked me about the defibrillator. I didnt take that into consideration. I already said DNR now you want me to make a decision about something else. I told her I dont know and then she reiterated that if in fact she does go into distress the shocks from the defibrillator would also cause her pain. I asked if I could add her brother as a health care proxy because I felt overwhelmed. She retorted that they would rather deal with one person.

Now on to the house. Me and mom had the top floor and the 2nd and basement apartments were all rented out. These tenants gave my mom no problems and I dont know how to go about telling them they have to vacate when my mom passes. They've been here since 1997. I tried clearing out some of my moms things and I broke down. Going to the hospital everyday and coming home to an empty house takes a toll on me mentally and physically. My daughter is nonverbal and autistic, she is 13, still only eats baby food and 2 hours and wears pullups. Everything is happening so fast. Selling the house is one thing but where do me and my daughter go from there. I feel alone because she was my bestfriend. She always calmed me when I worried about my child not being able to communicate with me if someone were hurting or mistreating her. I really dont know what the future has in store for me. My mom was my everything. It seems like everyone who raised me is leaving me. My dad died in 2009, Grandmothers passed within two years of each other. It just feels like everyone is leaving me. Please continue to send encouraging words. I talked to a realtor not disclosing the reversed mortgage and he said he could get probably 700k for it. I dont trust some realtors they make all these promises but who knows.

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