Isn't there an exception of personal hardship here in Florida that would enable me to continue living here, as I can keep house (large reverse mortgage balance with maybe $60-80K before paying any creditors) maintained and all taxes are paid up (until November, and I can likely get that paid?
I have physicians who can attest to my disabilities, which include anxiety and depression. And I have a state issued legal statement, listing my 2012 disabilities, health -- to which many have been added, provable.) I've heard you have to put the house up for sale but that causes me great anxiety and Depression.) I only want up to 6 months to start a life elsewhere. I can't afford a pricey attorney and don't want an unqualified freebie lawyer. I'm trying to find legal Advice. I'm in Orlando metro area. Help!
Hugs!!
May God grant you grieving mercies and strength during this time. May He make a way for you to have a home and your life. Hugs!
The Reverse Mortgage was between the bank and your Dad. Once the loan holder passes away, the Reverse Mortgage become due and payable unless a spouse is remaining in the home, then that spouse can live there until they move or pass. The bank will want the reverse mortgage, plus interest, and fees payable within a certain time frame.
I honestly don't think the bank will consider your request as the bank has no contract with you. You probably need to talk with an Attorney or check with Legal Aid who are qualified Attorneys.
One thing to think about will you have the funds to maintain the house once everything is settled? Do you have a large enough income coming in to pay for property taxes, homeowner's insurance, utilities, and any repairs that the house might need such as new plumbing, roof, windows, etc? All these things can be stressors which won't help with your health.
This is a common issue any time an elder has a reverse mortgage on their home.
1. You would really need a Florida attorney to address the issue of exceptions for personal hardship, even if your don't want to go that route.
2. I'm not clear on the first paragraph of your post. You're NOT able to pay off the RM, do have resources (inherited or otherwise), as well as funds for taxes?"
" as I can keep house (large reverse mortgage balance with maybe $60-80K before paying any creditors) maintained and all taxes are paid up (until November, and I can likely get that paid?"
Could you clarify this? If you were to keep the house, do you have funds for taxes and upkeep?
3. You could try to contact the RM lender, in writing and sent by cert. mail, citing your situation and asking what relief can be provided? Generally, I would first ask them what they can or will do, rather than proposing specific scenarios, which could be conceived AFTER you know what their limitations are.)
Let them tell you what's available and what's not, then determine if you can work w/I those parameters to find a solution.
4. Have you read the RM entirely to see if any options exist, i.e., for disability? Was your father getting Medicaid?
5. Unfortunately, you may have to rethink your position on legal help. RM lenders can be difficult to deal with, and you need clout, which an attorney could offer. I understand that your funds don't provide for legal counsel, but there may be possibilities of elder law or estate planning attorneys having dealt with similar situations and having identified exceptions to RM terms.
In addition, they would be familiar with FL case law and precedents.
6. You might try contacting AARP to see if there are reps in your area who could help, or at least identify legal resources within AARP. They're pro-elders, and they may be more up to date on critical issues such as RMs.
7. You could try getting some general advice through local Seniors Centers which arrange for attorneys to meet with older residents and offer limited advice.
8. You can also research to see if FL has a state agency for seniors and provides limited legal advice. Michigan used to (and may still) have an Elder Law center for seniors, providing limited free advice for income qualified people.
Another thought based on Becky's comment: there may be provisions in the ADA (Americans with Disabilities Act) that could pre-empt an RM. This is where an attorney would have to be involved, to interpret the ADA and any interaction or applicability to an RM.
Buyers of 1031 exchanges cannot reside in said property for at least 2.5 years. Some investors need time anyway to make plans for remodel, or teardown. Sometimes it works as a win win. You may find a buyer without the exercise of a 1031 exchange that wants to make a rental anyway - but make sure the lease deal is done that you can afford and live with before COE.
Of course, as with any RE deal, Title, Liens, etc AND Probate play a role here.
Just a thought to explore.
I hate to say this, because it is money out of your pocket, but you need someone in the know. Others here may know whether you are best to plumb the mind of a realtor or a lawyer as to what can be done.
I "think" and I am last thing from an expert, that it takes a while for these things to get moving, so you may HAVE six months by the time it is ironed out, but move as quickly as you are able.