Posted by TOM on December 02, 2000 at 10:20:34:
Larry you need more information. Reverse mortgages are paid out over time. example: owner borrows 50,000 to be paid to them (the owner) in monthly payments of $500. The loans don’t come do until after the total is paid. These are usually taken out by elderly folks that own their home free and clear, but need some monthly income. After they use all the cash they sell the home to pay the loan and move into apartments or nursing homes. It sounds like she may have topped out on the reverse mortgage and now can’t make the payments. That is not a good sign because she may not be able to pay you either.