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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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If the Mortgage Co. Found out that my grandmother was NOT staying at the (her) home. But, her granddaughter does live there, and has. Even when the contract was done. Unknown to her and nowhere does it say she ever lived there.
Reverse Mortgages become due if the borrower has been away from the home for 12 straight months, or if the property taxes and homeowners insurance hasn't been paid.
Yes, the Grand-daughter can live there for a year... hopefully she is paying the property taxes and homeowners insurance. But once that 12 months is up, the Reverse Mortgage loan becomes due and payable along with the interest and fees. That means the house either goes on the market For Sale and the Grand-daughter can purchase the house with her own loan.
Are you asking if the Grand-daughter would be mentioned on the loan? No, she would not be on the loan at all. Only a spouse would be mentioned on a loan. Even if somehow the Grand-daughter was on the Deed, she couldn't be included in the Reverse Mortgage.
They will find out. I know of someone who tried to rent out their home that they had gotten a reverse mortgage on and the company found out. The person was living in another state and had purchased another home. I don't know exactly how they find out but they do so I would take care of this ASAP
Terrygma, bet the underwriters for the new loan application on the new purchase found out the other house had a reverse mortgage when they ran a credit check and asked the reverse mortgage bank for the current information... oops.
Thanks for this info. I had a Social Service person ask me why I don't do a reversed mortgage on Moms house. Seems she didn't know that Mom has to be living in it, she lives with me. The house is up for sale too.
The first answer had the ring of truth, and while not lawyers, I googled the question and found a site of frequently asked questions and it listed all the things that would make a reverse mortage due..... One of them is just what the first answer said, here is how it phrased it: "The borrower does not maintain the property as principal residence for a period exceeding 12 months because of physical or mental illness" I would send you a link but this site generally won't let you. oops, it also says if "The property is no longer the principal residence of at least one borrower for reasons other than death." so that seems to contradict the first one. It also says " If arrangements to pay the reverse mortgage are not made with your loan servicer, then your loan servicer may proceed with foreclosure between 30 days and six months from when your loan has been called due and payable. " so it's not like they can show up to evict without notice. However, the notice might go to your grandmother so you better be sure someone is opening her mail.
ThereIsNoTry, some of the older Reverse Mortgages wouldn't allow a spouse who wasn't on the loan to remain in the house. That spouse would have to refinance to pay off the Reverse Mortgage or sell the house. That happened to my boss who's wife got a Reverse Mortgage, but his name wasn't on the loan. When she passed away he was very surprise to find out that he had to either get himself a new regular loan within 30-60 days or sell the house. Sadly he had to sell the family home he and his wife owned for 30 years.
Good news, there has been a recent new ruling where a spouse can stay in the house until he/she moves or pass on even if their name wasn't on the Reverse Mortgage, but said spouse had to have been married to the borrower at the time of application. And said application was after a certain date, I believe August 2014.
So he did sadly have 30-60 days. Assuming they make the current resident aware, which they might not since she is not on the deed. I think they will post a notice on the door giving the 30-day warning. Thank you freqflyer.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Yes, the Grand-daughter can live there for a year... hopefully she is paying the property taxes and homeowners insurance. But once that 12 months is up, the Reverse Mortgage loan becomes due and payable along with the interest and fees. That means the house either goes on the market For Sale and the Grand-daughter can purchase the house with her own loan.
Are you asking if the Grand-daughter would be mentioned on the loan? No, she would not be on the loan at all. Only a spouse would be mentioned on a loan. Even if somehow the Grand-daughter was on the Deed, she couldn't be included in the Reverse Mortgage.
Good news, there has been a recent new ruling where a spouse can stay in the house until he/she moves or pass on even if their name wasn't on the Reverse Mortgage, but said spouse had to have been married to the borrower at the time of application. And said application was after a certain date, I believe August 2014.