Chosen by Asker

Call the lender's servicing department and tell them your father died, give them your brother's name and address. If he's cashing the annuity checks, he's committing fraud. If you know about it and don't rat him out, you could be considered an accomplice. And you're getting screwed because the interest on the reverse mortgage is mounting every day, and fees are being incurred. Your brother is messing with your inheritance. He has to do something because once the person with the reverse dies, the loan is due. In fact, all mortgages work that way. When the guy with the mortgage is no longer around, the estate must pay off the mortgage somehow. This applies even when there are other owners who were not borrowers. They have the same options in any case, using whatever money is available, selling the house and paying the mortgage with the proceeds (additional proceeds would go to the heirs) or if someone wants to keep the house and has adequate income and credit they may be able to refinance it into their own mortgage. Once the bank knows the mortgagor is deceased, they will give you some time to make whatever arrangments, but if nothing is done after a reasonable amount of time, they will start foreclosure. In other words, you may think you can trick us if you don't tell anyone what's happened, but we will find out eventually and you may regret not being honest. "You" in the generic sense, not specifically you the person asking this question. My concern for you is that you know what's happened and could find yourself in some hot water too. If the lender is BofA, call 866-863-5224. They're in Seattle, open from 7am to 8pm Pacific time. You'd probably call that number for Countrywide too.

by daeve930

5 months ago

Asker's Rating: 

It's unfortunate your Dad gave him all the decision making power. But if that was his wish I don't think there is anything you can do about it.

by PENNYLANE- 5 months ago

You may be jumping the gun. The will is most likely still in probate court. Your brother is continuing to take care of dad's affairs. Nothing can be sold or done till the Probate court issues the necessary documents so your brother can start dissolving the estate.

by sassy2- 5 months ago