Qualifying for a Reverse mortgages?

Asked over 1 year ago - Smithtown, NY

My grandmother and her two children were on the deed to their home which is paid off. When my granfather passed, she had signed over her share to one of the children on the deed. My grandmother is still living in the home by herself and pays all taxes that are in her name. She lives on social security and doesn't cover all expenses.Is it possible for her to get a reverse mortgage if she had signed over her share of the house? If so, which is the best way to go as far as reverse mortgages and the qualifications? Thank you

Attorney answers (2)

  1. Matthew Scott Kam Tannenbaum

    Pro

    Contributor Level 12

    1

    Lawyer agrees

    Answered . If she does not "own" the home she cannot get any kind of a loan as only the owner can mortgage a property. If the house has equity a better option maybe to sell and take the cash and move into a smaller place. You can speak witha reverse mortgage specialist as to what effect redeeding the property to your grandmother will have, but underwriting probably has a "seasoning requirement"

  2. Carlos Gonzalez

    Pro

    Contributor Level 17

    Answered . In order to qualify for a reverse mortgage she muct actually own the home... as shes not on the deed at all any long i sincerely doubt the reverse mortgage option is valid.

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