Posts Tagged ‘let the mortgage company have the house’
Can you walk away from a reverse mortgage?
July 9th, 2009
My parents have a reverse mortgage and they need to be in assisted living. The house is not worth much more than the mortgage because they have lived longer than they thought they would! (87) In fact, I think the house may be upside down since I have not checked the value of the home for a while. I know that home values have dropped so their home may have gone down in value too. This seems to be a common problem nowadays with many people who own homes.
This is my question: Can they leave the house to go into assisted living and simply let the mortgage company have the house? What would happen? Also, the taxes and insurance have increased to the point that they can no longer pay them.
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Posted in Help with mortgage, Mortgage Problems, Understanding Mortgages, Upside Down Mortgage FAQs | 
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