My grandmother has had her home for many, many years. When she became the appropriate age, she did a reversed mortgage on her home. Over the past 2 years, my grandmother had been doctor mandated to a nursing home with 24hr care. The bank paid her out for what she was owed on the house. The house has been sitting there for 2 years. My father (her son) has been paying the homes taxes/ insurance + gas and electric (so the pipes don’t burst in the winter) on the house for the past two years. I am currently pregnant and my grandmother gave me permission to move into her house and pay the taxes/gas & electric, saying the house isn’t going anywhere until she dies. I’m confused and she doesn’t seem so sure about this. I don’t want to move into her house and then be forced out by the bank but don’t know how that works in the first place? Anyone have any idea?
Sorry to say after the sell of a house there is usually nothing left for the owner or the family because the RM company ends up with the whole amount.
Plus, as someone stated there is Medicaid as well to be consider. Which if GM gettes any money from the sell of her house it will have to go for her care.
Good luck!
Next, if Gma is on Medicaid, you living in the house could cause a problem.
The best thing is to read the RM contract.
What’s most confusing is that your dad is still paying the taxes and insurance. It is the homeowners responsibility to pay those fees as long as they live in the house.
Perhaps you should ask your dad why he is paying these bills.
Perhaps he is thinking GM will have greater equity in the house the longer she keeps it. That might be true but the RM company fees are mounting, probably at a greater rate than any equity is being earned.
But I am only familiar with one type of RM so someone else may have a different take on it.
Someone should be getting mail from the RM company. Perhaps your dad has it if not GM?
Are there other family members who may be taking care of her mail?