My parents took out a reverse mortgage. Any advice? - AgingCare.com

My parents took out a reverse mortgage. Any advice?

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I was living here at the time and still reside in the house. The intent was that I was working and would be able to pay back the loan and have the house. That didn't happen, I had cancer and since have had medical issues that don't allow me to work. I am on disability. My parents have both deceased and I am left without the means or the money to move or to repay the loan. I took care of my parents and Mom left me the house in her will. I have even thought of declaring bankruptcy to be able to keep the house. I can't afford an attorney and I have to go to court in 4 days time. I wonder if anybody out there has any idea of what I could do? My parents also left me their 2 huge dogs and a cat. Have you tried finding someplace that will allow you to rent with pets? I know that HUD has a lot more money than I do so their lawyers will make mincemeat of me in court but I have to try. Other wise my animals and I will be sitting on the curb - latterly. Just having a moan, but if anybody has an idea of what I can do please let me know.

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freqflyer - thanks for the info however most breed rescues are really picky (at least the couple I found) about being breed specific. My big dogs are one golden retriever and one HUGE black lab. The cat... not sure it just showed up one day. My soft heart said "feed it!" I did and it hasn't left yet! Thanks for the thoughts - keep 'em coming I am sure there is something out there that will work. I just CAN'T think of putting them down but I also don't want them to be scared, traumatized or worse put down separately. I know it is not normal for a person to consider the pets before themselves, but I think I could handle living under a bridge if I knew the animals were in a GOOD home. Bless you for understanding and thinking of us. May your life and loves flow smoothly.
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Regarding the pets, check the Internet for animal Rescue leagues... for example, if the cat is a Siamese, there are Siamese Rescue groups, or see if there are any cat rescue groups in your area.
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Chicago1954
I don't know who you are but you are an ANGEL!!! I have tried and tried the paths that I know. You don't know how much it would help me to at least know the animals have a place to go. I think I would be able to live under a bridge if the animals had a GOOD place to go. The fish had the right idea - he died!! But at least he is one less I have to worry about. If you can help us find someplace you will earn a special place in heaven. THANK YOU!!!
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I would post on some Facebook sites, that you must find a place for the animals. Some people will be critical of you, but ignore them. Maybe someone can help.
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alinemoe, I thought about your problem this morning and realized that you are probably going to have to make some hard choices. Your simplest solution would be to rent a subsidized apartment. The problem there is that most will not allow pets or only allow one smaller pet. You may have to re-home your dogs. This bothers me to say, because I am an animal lover. In your situation, however, I don't know how you can continue to provide care for them without all of you ending up on the street. I hope you are able to find another solution, but it is the only one I see right now since there is no money to care for you and them.
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freqflyer I forgot to answer one of your questions. I receive a small amount of disability from SS. Not enough to keep the house afloat. But something. I can't find anybody to rent to me let alone give me a mortgage! With the two huge dogs and cat they also left me I am sinking fast. I tried the lottery only to loose my $6. I can't give the dogs us because nobody (not even the Max fund - a no kill shelter here in Denver) will take a bonded pair and promise to keep them together. I just can't imagine the dogs loosing me, their home and each other. I had thought it might be better to have them both "cross the rainbow bridge" but I don't have the heart for that even though they are both well over 10 years old. They use to call me the "sandwich" generation slapped between taking care of my parents and taking care of my son. I think the "sandwich" just went down the garbage disposal! Thank you all for letting me blubber... no answers needed - just prayers. Thank you.
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Thanks for all of your comments. freqflyer you are right one of the bad things is the upkeep. The loan was taken out so long ago that the interest assessed has caused it to be upside down, I know that the will was probated to give me some time I just don't know how long that takes. Thanks for all of the feedback - from here on my platform will be REVERSE MORTAGES - BAD STUFF! I know that Dr. Phil would say that an adult child shouldn't be living with the parents even if they are the care givers. But this is definitely NOT the life I ordered!! I wonder if I can get a refund....enough to pay off the reverse mortgage would be nice. If you travel in Denver make sure you give money to the homeless lady on the corner - it will be me. Not sure if I am joking about that? Me either!? I hope you all have every thing you need in life. Thanks.
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JessieBelle has an excellent point, Alinemoe how would you be able to afford to maintain this home if you have no money coming in? The yearly real estate taxes alone is usually one of the most expensive expenses one has on the home, and it has to be paid on-time.

Then there is the yearly homeowner's insurance on the house and the contents of the house, plus any umbrella policies that may exist. Then there are all the utilities. Then throw in routine maintenance, like if the plumbing needs fixing, or an appliance stops in its tracks.
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Oh, I hate reverse mortgages. Stories like the ones here are the reason that I do not like them.

The idea of selling the property and settling the loan sounds like the best idea. If you have no money, you probably wouldn't be able to afford to stay in the house. Living in a house and keeping it up, along with paying insurance and taxes, can be so expensive. I am concerned about the dogs. Renting a house is expensive and apartments don't tend to welcome two big dogs. Do you have any relatives or friends who would give the dogs a good home?
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Bookluvr, something similar with my boss... his wife qualified and signed the Reverse Mortgage, thus his name wasn't on it. When his wife died, he had only 1 month to refinance the house. Since he couldn't refinance, he had to sell the house. To add salt to the wound, weeks after his wife died the mortgage company started to harass him for payment. Like you said, read the fine print.

Good news, as of August of last year, any new Reverse Mortgage loans now have to allow the surviving spouse to live in the property as long as the person was married to said spouse at the time the Reverse Mortgage was taken out, plus other qualifications. But the loan is still alive and well, and at some point would need to be paid if the spouse moves out, sells, or dies. This is only good for the spouse.... relatives/children who inherit the property would still need to pay off the lien within a certain time frame.
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