morgtage heirs, and reverse the death of the owner of the house?

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Is there a law, if the heirs do not let your home reverse mortgage lenders know the borrower died and continue to receive monthy payments and live in pain house.what

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4 Comments
  1. Reply
    Landlord
    February 14, 2011 at 8:27 am

    Fraud is a federal time, I do not know the sentence, but the punishment would be heavy fines and time in a federal prison.

  2. Reply
    Christopher K
    February 14, 2011 at 8:53 am

    That would be rather stupid. Why wouldn’t they just sell the home, and then get a lump sum for the equity?

    A reverse mortage is just a loan against the equity, so they are just borrowing against their own money, and then paying interest on it. Reverse mortages have fixed terms as well, even if the person who took out the loan when ther term expires, then have to pay the mortage back in one lump sum, usually by selling the home.

  3. Reply
    Rebecca
    February 14, 2011 at 9:23 am

    So in addition to pure fraud someone is going to commit forgery to get at this money they then send? What kind of people are you? Only the very ignorant and naive are stupid enough NOT to know that they have ways of finding out these things to protect from people just like you!

  4. Reply
    godged
    February 14, 2011 at 9:49 am

    Fraud, criminal charges and incarceration are the punishment. Once the owner dies, the clock starts. You only have one year to sell the house, then the lender will begin foreclosure.

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