Hello. My grandparents got a reverse mortgage on their home a few years ago. My grandfather died in March of 2016 and my grandmother died on the 4th of March, 2017. My father is also deceased. And my mother. In short, I'm 24 years old and all that's left of my family. I'd like to do whatever I can to keep the home. I can't get a loan that size, and I have either no credit or bad credit and no steady income to get a mortgage and buy it if it gets sold by the reverse mortgage people. I've stayed here for half my 20's taking care of them, making sure they stay in their home and out of a nursing home. Seems as a result, I'll be out of a home. Couldn't even get a real job and even had to get help taking care of them. I was raised in this home and this is my 20th year here. My grandparents had it built in 1960-61. It's all I got left really. No where to go either. I don't fancy being an aimless drifter. Is there any way I could go about keeping it? Anyone knowledgeable on this or know of any method I could use to stay here?
I'm sorry for you loss, Robert.
One thing that comes to mind, were you the beneficiary of any life insurance policies or other benefits, which may be used to pay off the loan?
In any case, you are going to need to develop regular income - that will be necessary to ensure any stable situation, either in this home, or renting while preparing to buy another down the road.
Income periodic would be of desire.
I don't have anything of value to offer, only my condolences.
Who is the executor of your grandmother's estate?
Would the execution of said mortgage exist subsequent to the commencement of diminishments cognitive in regards to the relations of aforemention?
Sadly, only pre-planning would have made this possible. Based upon the figures and contract the reverse mortgage company have in place (and you certainly should gain a full understanding of the paperwork) they will no doubt want the cash they anticipated from the contract and helping you get ownership is low on their list.
Here' s an idea !!
Scour the area in which you live. Find out if there are provisions for community residential care facilities. These are residential homes in which a specific number of disabled and elderly folk live out their lives, before needing more intensive care. There is at least one or two staff who live on premises. If you did this for your Grandparents maybe it is a calling for you.
Then locate the owners of some of these residential care facilities. Show them your grandparents house and convince them to buy it and you will be on staff for them. I would suspect the home had some remodeling to accommodate an elderly couple?
You get the house and a job!
Two necessary items
- decide whether this is a passion of yours - to care for people. It will be a career choice with lots of subtle rewards hidden behind lots of hard work with folks that may share little gratitude and are dyeing. They will be living with you in this home until you become worthy of obtaining a mortgage.
- If any of this sounds good - contact the reverse mortgage company and ask to meet with someone to fully explain the contract. Ask them for time. As much as they will give you. Let them know you are searching for a buyer who you can then work with. They may appreciate the possibility of you helping them avoid realtor fees. Use that time wisely and act quickly.