Forgotten Your Password?

Need to Register?

Question Icon

with a reverse mortgage can joint tenants can one force the other one to sell

by konrad_bailey983 from Lake Placid, Florida. Jun 4th 2015 Reply


Chris Neuswanger (mtnmortgageguy)
#95 ranked lender in Colorado - 84 contributions

This would probably be per state law in terms of forcing the sale, and would be the same as any other type of mortgage. But more so, both parties have obligations and benefits from a reverse mortgage when they agree to it and one party cannot just walk away from it with the other owners consent. The lender would have to agree as well to removing a party from the mortgage, just removing them from title is not the answer. For example, both parties are individually and jointly obligated to maintain the property and pay the taxes and insurance and without the lenders consent that does not change if one party is removed from title.If there is a line of credit or monthly payments attached the mortgage both are entitled to that benefit. But if a joint tenant wants to sell, do you really want to fight about it and have a hostile situation? You would need a lawyer to sort this out in accordance with the state law you live in and if you wish to buy out the joint owner work with the lender to effect that.

Jun 4th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,924 contributions

If you are both on the Deed, then you both need to sign to release interest in the property.. If only one of you are on the deed, but you are married, then you still might have some rights, but you would need to talk to a local attorney familiar with your states laws. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 4th 2015
1
0
Subscribe to our news feed.