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Is a resident of a condo still considered an owner, if he/she has already done a reverse mortgage?
2 Answers
- Steve DLv 78 years agoFavorite Answer
Yes - the reverse mortgage does not change ownership until such time as the person dies in which case, the holder of the reverse mortgage is entitled to be paid for the reverse mortgage either through sale of the home/condo or a family member paying off the mortgage in full. Basically, the reverse mortgage is a lien against the condo with certain repayment requirements - it remains up to the owner to make all condo/HOA payments, tax payments, etc.
- SlickterpLv 78 years ago
They are the owner if their name is on deed. Name should still be on deed, even with reverse mortgage.
