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Reverse Mortgage Tax
Kenneth Said:
If someone did a reverse mortgage on their home will it show up on the Board of Tax Assessors?We Answered:
Dusty forgets that real estate folks obtain the information from the tax assessor. LOLYes, the tax assessor knows the bank and the original mortgage amount, but not balance. They also are informed as soon as an owner defaults.
Marcus Said:
tax assessment records - why is mortgage company in the name?We Answered:
My first thought is that there must still be something owed the mortgage company. If not, this may have been a holdover from when there was something owed. They would have been the ones to receive the property in the event the mortgagee died.