Reverse Mortgage Responsibilities Clarified

Summary

If you are listed on your sons home deed with right of survivorship, you generally have no financial responsibilities if he handles the mortgage and taxes. If your son passes away, you would become the sole owner of the home without probate. However, if the home goes back to the bank due to unpaid mortgage debts, the right of survivorship does not protect against foreclosure, and you may lose ownership. You typically wouldnt owe money to the bank since the mortgage was your sons responsibility. Understanding reverse mortgages and property rights can help you navigate these situations.

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I am *. I have reverse mortgage on my home. I’m listed on my son’s home deed right of survivorship. I have never received income from sons home. He owns the mortgage and pays all taxes. What are my responsibilities for my sons home?
Hey ****! It sounds like you may not have any financial responsibilities for your son's home since he handles the mortgage and taxes. However, you could still have legal responsibilities, especially if you hold a right of survivorship. Do you want more details on what this right means?
If he should die?
If your son were to pass away, the right of survivorship means you would automatically become the sole owner of the home without it going through probate. This ensures a smoother transfer of property. Do you have any other questions or need more details on this?
What happens if son dies and home goes back to bank?
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If your son passes away and the home goes back to the bank, it typically means the bank would foreclose on the property due to unpaid mortgage debts. The right of survivorship would not protect the home from foreclosure. Would you like more information on handling a reverse mortgage in this situation?
Would I owe any money to the bank?
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If the home goes back to the bank due to unpaid mortgage debts, you generally wouldn't owe money to the bank since the mortgage was your son's responsibility. However, you may lose ownership of the home. Would you like more information on how reverse mortgages work in this context?