Widows Rights in Florida

[WWIIVET]

Can a widow be evicted from the home she shared with her husband when the home is solely owned by the husband (from previous marriage) and there is a Reverse Mortgage on it, if the husband predeceases?

[AFFA]

I wish to inform you that first of all the amount due to the bank will have to be paid from the assets left behind by the deceased. Your mother may pay off the loan amount due and continue staying in the house. Otherwise, the bank may take charge of the property and sell it to make good its loan amount due.

AFF

[Maryellen]

Originally Posted by WWIIVET Can a widow be evicted from the home she shared with her husband when the home is solely owned by the husband (from previous marriage) and there is a Reverse Mortgage on it, if the husband predeceases?

I'm confused. If the home was owned by her husband in a previous marriage then she is not a widow. Was she living with her ex-husband or are you saying he bought the house when he was married to someone before her?

[goddessoflubboc]

He bought the home prior to marrying the woman who is now his widow.

You need to read the contract he signed with the reverse mortgage company.

[StorageGuy]

Originally Posted by WWIIVET Can a widow be evicted from the home she shared with her husband when the home is solely owned by the husband (from previous marriage) and there is a Reverse Mortgage on it, if the husband predeceases?

Reverse mortgages become due and payable upon the death of the last remaining borrower or when the last borrower permanently leaves the home. It does not sound as though the widow was also a borrower, therefore, the reverse mortgage must be paid off from the assets of the deceased. If no assets are available, the bank will then assert control and place the house on the market. Most reverse mortgages are non-recourse, therefore, the heirs are not responsible for the shortfall. In most cases, lenders are all too willing to work with spouses and family as long as these individuals maintain the property and have a viable marketing plan for the property.

It is possible that the deceased left the home in his will. If this is the case, the beneficiary would still be liable for any indebtedness and would receive any equity left. Hopefully, the deceased left a valid will that deals with the disposition of this asset.