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I may lose my house because my aunt has a reverse mortgage on it?

i currently live with my aunt and she has a reverse mortgage on her house, the time i guess so to say has run out on the reverse mortgage and i was told she needs to be out of the house, i moved in with her after my mother passed away and i really have no where else to go, im 19 and i dont know if im able to inherit the house and continue living here or what but this situation is scaring me a little bit, what can/will happen? please help!!! in also not familiar with how a reverse mortgage works so please educate me a little on this
  • Best Answer
    Reverse mortgage means your aunt sold the house to a bank

    at 19 you are legal age get a job and start saving unto she dies
    you and her can stay in the house until she dies,,,

    the reverse mortgage running out means she will no longer get a check from the bank monthly
    if that income is all you and her live on,,,,,,

    then you need to start pulling your own weight
    Clickman · 0 0
  • Other Answer
  • She can live there forever according to the terms of the reverse mortgage. Its repaid when the house is sold.
    David 14 · 0 1
  • Equity is the value in a house. Your aunt has been drawing on the equity in the house as if it were a checking account. She has run the equity out of the house, and the bank now owns it. There is nothing to inherit. You're going to have to find a place of your own.
    Lolly · 4 0
  • This is not your house. You are not losing the house because your aunt has a reverse mortgage on the house. This house belong to your aunt. Your aunt applied for and was approved for a reverse mortgage on the house. Normally the person that was approved for the reverse mortgage would be allowed to remain in the house until their death.

    I do not understand why your aunt is being asked to move, unless she violated the loan mortgage agreement by not paying the taxes or maintaining the proper insurance on the house.

    If your aunt was asked to move, this would include anyone else that reside in the house.

    You will not inherit the house if your aunt is legally foreclosed on. The mortgage lender would become the owner of the property. You would no longer be allowed to reside in the house.

    Even if you waned to keep the house after our aunt's death, you would be required to pay off the existing reverse mortgage. In order to do this you would be required to apply for and be approved for a mortgage loan. Apparently you are not in a financial position to do at this time.

    Since your aunt has been informed that she would have to move, you are in a situation where you need to find a place to stay.

    I do not know your financial situation, however, you are considered an adult at the age of 19. You should stop being scared and find a means to support yourself financially and find a place to move.

    If you fail to do either of these things, you will eventually find yourself on the street with no financial means of supporting yourself and no place to live.

    As am adult it is your responsibility to be financially able to take care of yourself, by providing yourself with the means of financially taking care of yourself.

    I hope this has been of some benefit to you, good luck.

    'FIGHT ON"
    loanmasterone · 3 0
  • To continue living in it, you'd have to pay for it. If you inherit a house with a mortgage, you have to pay it. When she has to be out, you do too. A reverse mortgage is a special type that senior citizens can sometimes get where the lender pays out some of the person's equity to them, but the house is security for it so the lender has confidence they'll get paid back.
    Judy · 1 0

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