The state my father lives is Pennsylvania.
My father is in poor health & can no longer afford his reverse mortgage payments or property taxes for his home He has exhausted all financial aid options to make the payments possible and has not paid out any payments in a few months. He would like to surrender his house and told the bank, but they will not accept the house until he pays the property taxes to date & fixes up/empties the house.
My father has no money & can hardly walk. He receives a small amount of social security which he puts only towards the house, but it is still not enough. He's incapable of meeting the demands for surrender financially and physically in terms of fixing and clearing out the house. I live across the country from him and also do not have the financial means or time away from work to take on this enormous task. He has decided he is going to abandon the home with the key in the door & tell the bank the house is theirs, as is. He just wants to be done with it so he can have money for food again and try to pick up the pieces and live.
I have concerns. Even after surrendering the house, is he still required to make payments for the reverse mortgage? I am concerned giving up the house alone will not clear his responsibility of what he owes. If he continues to owe for the reverse mortgage he still won't be able to pay, whether he has the house or not. As I am his next of kin I would like to know if in this situation where I will lie in responsibility for his debt when he passes. My concern is that if he surrenders the house, but still continues to owe on a huge debt he cannot pay, that I will inherit this debt in the future. If that's the case, I will no longer have a house to sell to clear the debt as he will have already surrendered it. Will I be responsible? Please help!
Thank you!
My father is in poor health & can no longer afford his reverse mortgage payments or property taxes for his home He has exhausted all financial aid options to make the payments possible and has not paid out any payments in a few months. He would like to surrender his house and told the bank, but they will not accept the house until he pays the property taxes to date & fixes up/empties the house.
My father has no money & can hardly walk. He receives a small amount of social security which he puts only towards the house, but it is still not enough. He's incapable of meeting the demands for surrender financially and physically in terms of fixing and clearing out the house. I live across the country from him and also do not have the financial means or time away from work to take on this enormous task. He has decided he is going to abandon the home with the key in the door & tell the bank the house is theirs, as is. He just wants to be done with it so he can have money for food again and try to pick up the pieces and live.
I have concerns. Even after surrendering the house, is he still required to make payments for the reverse mortgage? I am concerned giving up the house alone will not clear his responsibility of what he owes. If he continues to owe for the reverse mortgage he still won't be able to pay, whether he has the house or not. As I am his next of kin I would like to know if in this situation where I will lie in responsibility for his debt when he passes. My concern is that if he surrenders the house, but still continues to owe on a huge debt he cannot pay, that I will inherit this debt in the future. If that's the case, I will no longer have a house to sell to clear the debt as he will have already surrendered it. Will I be responsible? Please help!
Thank you!