My neighbor lady has a reverse mortgage. She got $100,000 cash at the time she and her late husband took out the mortgage. I believe the mortgage company also paid off the old regular mortgage. She has never gotten monthly payments. Her monthly sheet from the mortgage company shows the $100,000 and an additional $59,000 that has built up from when the mortgage was take out about in about 13 years ago.
My question is will she owe the extra $59,000 if she decides to just move out and not sell the house because the house is not worth $159,000?
Will the reverse mortgage company try to go after her if she just abandons the house?
Will the mortgage company probably list the house for sale for less than the $159,000 if it will not apraise for that much.
My question is will she owe the extra $59,000 if she decides to just move out and not sell the house because the house is not worth $159,000?
Will the reverse mortgage company try to go after her if she just abandons the house?
Will the mortgage company probably list the house for sale for less than the $159,000 if it will not apraise for that much.