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Problems With Reverse Mortgages
Toni Said:
My dad left family home split between myself and lover. She has usufruct until her death. Who pays the repairsWe Answered:
Tell her no. She's going to have to come up with a reasonable offer to buy out your half if she wants it. What's to say all the remodeling even increased the value anyway?Your half is half the value of the house, period. So get an appraisal to find out what it's actually worth.
Sounds to me she needs the money to live on but why should you get screwed over in the process? There is no reason for you to pay her back for remodeling she did. That was her choice to do it.
By the way, if all your father did was give her the right to live in the home until her death, then she doesn't really OWN half of it so check out the terms of the will carefully before you do anything.
Alice Said:
I do not have enough equity to qualify for a reverse mortgage so I am told so now what do I do ?We Answered:
You might try finding employment.