Reverse mortgage — moving out?
Can I leave my home that has a reverse mortgage & give the home to the mortgage company without paying anything?
Terry Says
If you die, or move permanently (for example to a nursing home) they have the right to sue YOU (not your estate or heirs) for the amount above what they sell the property for. And that process of taking title could take as long as a year. If you don’t think you have any equity left –and you don’t have any other assets for them to take — contact the RM lender and work out a plan. Don’t just abandon the property.
