I took care of her in the house, a house we've been in for 50 years altogether. The house has a reverse mortgage on it. I'd like to get a new mortgage and stay in the home (the home is worth more than what is owed). I just opened a probate case. Do I have to wait for probate to be completely over, which I understand could take up to a year, to transfer the house to my name so I may purchase it? Or is the reverse mortgage company going to want their money sooner?
The amount of time it takes for probate all depends when the Estate can be liquidated. It took me 2 years because Moms house had to be sold to pay off leans. And it took till last Summer to sell. The leans were satisfied and the remainder of the proceeds split between the beneficiaries. In your case, the state will need to determine who those beneficiaries are.
You are going to need to take this one step at a time or you will get overwhelmed.
You need the details of the reverse mortgage.
You need to know what the house is worth in the open market.
You need to know if you are eligible for a mortgage in your own name.
Please keep in mind, that although you have lived in that house 50 years, perhaps you whole life, it is only a building. You memories are inside of you.
Being a homeowner is a lot of responsibility. Would you consider moving and buying a townhome or living in 55 + community? If not, can you afford to pay the taxes and monthly utilities on your mother’s home?
And lastly can you qualify for a mortgage with your income? Banks these days are requiring a 20% down payment due to the 2008 housing bubble.
I too agree with first getting all the ppwk regarding the RM and reading the fine print. It may not be worth your while in the long run.
Good luck to you and mom!