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.

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Hey guys checking in. I wanted to brainstorm with you guys and get an opinion. As you know mom passed away with a reversed mortgage. I was planning on listing it in hopes to pay it off and keep the proceeds. Then I realized maybe refinancing it would be an option for me. If I move I would have to pay 2k plus utilities as a renter just for a 1 or 2 bedroom apartment whereas if I refinance it I would pay 2350.00 a month and still be able to keep the home. Rent that i get is 1500 for the walk in and 950 for the basement. Plus SSI for my daughter. Do you think this is a good idea or should I just sell and move on and become a renter? The longer the property stays listed the more the interest grows on the reversed mortgage. I'm the remainderman on the estate and I'm also on the deed.
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Reply to Devastedmom1234
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Devastated, I too am sorry for your loss. Your mother was facing a tremendous challenge, and it probably was just too much. The many complications were frightening, for both you and her.

Please DO take a break before jumping in to deal with the house. The realtor's advice sounds good, and you could make a profit, but remember that this is the first realtor. I'm working with 2, will add another, and then decide who I really want to handle the house sale.

If you do that, you can get good comparisons and match your ideas and intents with someone who's the most compatible and will provide you with the best service. You can also create a checklist of issues, and keep adding as more may likely arise as you get further into the sale issues.

But, first, take at least a week off and do nothing except relax. The last months have been especially traumatic, and you need a break. Speaking from experience, that break will help you approach the next steps with more clarity. And if you feel that decisions are literally closing in on you, you're not alone.
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Reply to GardenArtist
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Sorry for your loss. I wish you and your daughter peace.
Your poor mom! She went through so much in such a short period of time. I know how it feels to lose a mom that was your best friend. She will be with you in spirit.
Also sorry about the house needing to be sold. Can you just reschedule the realtor for another week or two to let yourself grieve? Please consider that as you need time to take care of yourself, your daughter and your mom’s funeral. 
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Reply to Shane1124
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Good morning guys its me. For some reason my old login info wont work so I had to make a new account. Mom passed away on Sunday. Im heartbroken. She was my bestfriend. I feel alone and more scared than before. Last week I met with a realtor to discuss the house situation. He made an assessment based on the current condition of the house. He said he could sell it to investors and I would not have to worry about the tenants or doing any upgrades because I would be selling as is. I was wondering if I should do upgrades to get a better price. He said he could list it for 550,000 as is. Im supposed to meet with him again this coming Saturday to discuss. I hate that I have to think about this now but I knew it was coming so I wanted to be prepared. I had no idea she would leave me Sunday.
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Reply to Devastedmom123
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I agree about taking a break tonight. Get some air, get some sleep, let's start again in the morning.
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Reply to Countrymouse
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Devastated, I think that you're understandably facing too much. Take a break from the RM issue, the house issue, and find something to do that really relaxes you and let us know when you feel up to it. There are better and reliable ways of checking on the ownership issue. We can guide you through it, but not tonight.
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FreqFlyer 2nd floor pays 1500 no lease. It was all month to month. Basement family is 900 also month to month. I cant refinance because I cant work anymore due to the increasing needs of my daughter. I dont know any bank that would give me a loan without a job. Even with my good credit score financially I've come to the conclusion I would have to sell my childhood home. Refinancing means I would have a monthly mortgage. Right now I'm paying the property tax, homeowners insurance, water, electric, car insurance etc. It wouldn't be realistic to keep it. When I worked I contributed to the expenses. With mom not being here much longer it would be impossible to maintain this house. I played with the idea of refinancing because the thought of losing my mom and the house would be crushing but realistically in my position. I'm single with a child with special needs it wouldn't work.
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Reply to Devastedmom12
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Devastedmom12, regarding the tenants... since your Mom's house is set up with apartments, you can sell the house with the tenants in place. An investor would love to already have good tenants on board, plus the investor usually will honor the leases.

Only draw back is if your Mom never raised the rent nor there is no mentioned of a percentage increase each month [when I had rental properties I never raised the rents as I wanted to keep outstanding tenants].... so the new owner may want to raise the rents once each tenant's lease is up for renewal.

Sorry you will need to sell the house later down the road because of the Reverse Mortgage. Unless you think you can refinance the house to pay back the loan, interest, and fees.
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Also thanks again for all the responses and No I have not contacted the RM company. I'm told before she could be approved they would have sent an appraiser to the home and it would be open knowledge that this was a 3 family dwelling.
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Reply to Devastedmom12
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To be honest I dont even know anymore. When I Google the property it list me as the owner. I dont really know. Some documents I found online have my moms name other documents I saw online have my name. I dont even know if I'm on the deed. I'm on something for my name to come up as owner. I'm not well versed when it comes to reversed mortgages. I don't know if I even have any claim to this house. Someone said by default since I'm the only child it would go to me. I really wish she consulted with me before doing this RM thing. She didnt really need to do it. She was retired. Had 2 pensions and was receiving her moms Social security based on how my grandmother set up her affairs before she died. Sometimes I like to think these things are happening now to make me stronger. Not sure. Either way all I know is the balance now is 313552.15 with a line of credit I'm not touching. I wish I could provide more info but I dont have any more info. This RM thing was all pretty new to me
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