Living in a dead person's house, it's in a Reverse Mortgage

Murrmurr said:
You'd think the mother's social security number would be flagged or something. The mother died in a hospital, so soc-sec knows. Jackie's not getting her mom's soc-sec checks or anything. But I wonder how the bank would know she's deceased?
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The bank knows. I remember my mom had a safety deposit box at the bank, and our estate planner told me to go quickly to the bank when she dies or they'll block me from getting it.
 

Murrmurr said:
Jackie's not taking my advice. Wants to stay in her little bubble.
I give up.
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Just let it all play out...it'll work out in the end.

No sense worrying your pretty little head about it. Sounds like you have enough on your plate.

**disclaimer..i am not a therapist, psychologist etc. bahahhaha
 

I looked into reverse mortgages earlier today. What the bank told me was that the Executor of the estate has an obligation to report the death to the bank. From there, the bank will allow the heirs an opportunity to pay off the outstanding balance. If they decide not to then the bank will file a lien and for repossession of the property. The heirs can resolve this very quickly by signing a “quit claim deed” and allow the bank to take possession of the property.

I know this sounds simple, but the banker told me that even in this case, things can go awry very quickly and the property could end up in probate, if even one of the heirs disputes the bank’s claim.

And lastly, laws and the rules of reverse mortgages are governed differently state to state.
 
911 said:
I looked into reverse mortgages earlier today. What the bank told me was that the Executor of the estate has an obligation to report the death to the bank. From there, the bank will allow the heirs an opportunity to pay off the outstanding balance. If they decide not to then the bank will file a lien and for repossession of the property. The heirs can resolve this very quickly by signing a “quit claim deed” and allow the bank to take possession of the property.

I know this sounds simple, but the banker told me that even in this case, things can go awry very quickly and the property could end up in probate, if even one of the heirs disputes the bank’s claim.

And lastly, laws and the rules of reverse mortgages are governed differently state to state.
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Thanks! I'll be seeing Jackie on Saturday, and I'll tell her that.

Nobody's going to dispute anything. She has 1 brother who owns a beautiful home and is completely disinterested.
I think she should look into what kind of trouble she could get into for not notifying the bank that her mom passed away.
 
Murrmurr said:
You'd think the mother's social security number would be flagged or something. The mother died in a hospital, so soc-sec knows. Jackie's not getting her mom's soc-sec checks or anything. But I wonder how the bank would know she's deceased?
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Easy, if she was collecting Social Security with direct deposit, there wouldn’t be anymore deposits...
I’m in NYS and the funeral director notified SS when my husband died.
 
I guess it's from my darker side, but have you considered that Jackie was living in the house with her mother, so there were two incomes. Now, with her mother gone, there is only one income. She may just be treading water, by sending the bank $450, to keep living in the house. And by taking in her grandchildren, they also come with child support.
 
fuzzybuddy said:
I guess it's from my darker side, but have you considered that Jackie was living in the house with her mother, so there were two incomes. Now, with her mother gone, there is only one income. She may just be treading water, by sending the bank $450, to keep living in the house. And by taking in her grandchildren, they also come with child support.
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That's precisely how it went until about January this year when her mom went into a skilled nursing facility. But if Jacki gets full legal custody of the kids like she wants, she won't get child support. She'd have to apply for welfare assistance. I don't know how she'd keep her job; she can't afford childcare, and I'm not going to babysit all 3 of them. I really don't think she has a prayer of getting custody. Although, she text me this morning to say she saw the kids last night when their parents stopped by to see her boyfriend about an issue with their van. Anyway, Jackie said Collin (the 3 yr old) had a black eye. He'll be here this afternoon. I'll take a picture of it soon as his mother leaves. (I'll restrain from strangling her)
 
Jules said:
If nothing else, record the conversation when Collin is telling you about how the black eye happened.
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Devi said:
Yes, a "paper trail" makes for good evidence. This would include tape recordings and photos.
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Yes, I can do that.

It better be another scratch from the 2yr-old brother and not a black eye. I don't think I'll be able to keep it together if he has a black eye. I'll def ask questions either way, and Collin will tell me the truth no matter how she explains it.
 
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