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Brittany Said:

how long doesit take for a bank to take over the house of someone dead with a reverse mortgage?

We Answered:

Once they find out your grandmother has passed away they will expect that her estate will pay off the mortgage or they will foreclose on the house.

It probably depends on your state but I bet you would have about six months.

I am sure you are aware that the reverse mortgage is likely a non-recourse loan meaning that the bank will not come back against the estate for any shortfall.

Stella Said:

My father died 2 yrs ago, I recently found out that he may have a house with a reverse mortgage,now what?

We Answered:

You need to find out who does currently legally own the house, how much it is worth, what bank (if any) holds the mortgage, how much equity there is in the home, and where you would stand both financially and legally if you sell it. Even if the house itself is condemned, the property it sits on must be worth something -- possibly quite a lot.

Since you don't seem inclined to look into any of these matters yourself, I suggest you give whatever information you have to a real estate lawyer and let him/her research the situation for you. You'll have to spend a little bit of money to do this, but you might wind up gaining thousands.

Eduardo Said:

Where can i get reverse mortgage training in California?

We Answered:

I believe there are several good banks that offer classes in reverse mortgages in Sacramento. A reverse can be a very smart thing to do and all the major banks offer them. Go with a reputable bank and not some guy knocking on your door. Enjoy your money, don't sit on it until you die and give it to your kids. Let your kids earn their own money! ;)