Mom passed with reverse mortgage. A few questions

[Zoe]

You need an appraisal for the estate tax. Fed maybe, State usually yes. They want to share in your grief to.
You have to settle the probate before it can be transferred.

It may not have to go through probate. The lawyer will know. Them hiring a good real estate lawyer should be step one.

It is like paper work to a good real estate lawyer. It shouldn't cost much. The court is different ballgame. They charge more for probate court.

It depends on whether she had a will or not. I don't know what probate court will charge.

I am guessing a good real estate lawyer might take it for $2K or less. The bank may have a lawyer on staff that would do it.

Not a bad option to call bank and explain situation and see if their lawyer would handle it. The bank has been making money on the MOM.

They could probably hire a personal real estate lawyer for $1,000 or less. They can probably get free consultation from a real estate lawyer before they decide what to do.

 

[Tom D]

I didn't mean probate if there is a will. You have to settle the estate, then it can transfer title to you. You can start the mortgage process before that happens. Also, you can call any title company and ask them what is needed. Who is the executor of the estate, that person should handle the estate closeout.

 

[Carnivore]

If the OP gathers up all his mothers documents . bank accounts life insurance etc and gives them to the attorney the OP if he is the only child might end up with a enough money to pay cash for the condo or better jus yet get the condo free of a mortgage. etc and pay any other fee's to close the estate
Just thinking out loud,

Again this is complex

 

[ucbruin]

I wonder if the OP and I are related....

 

[Zoe]

I wonder if the OP and I are related....

Your wishing. I hope they get the condo. If you can't afford mortgage on it................sell it.

It might help pay a few expenses.

 

[Carnivores]

Sorry for your loss. If you already know you want the house, a realtor might not be necessary—I'd talk to a lender first. I came across this page earlier that explains how heirs can buy the home after a reverse mortgage: reverse.mortgage/info/heirs-and-maturity.

 

[Zoe]

Sorry for your loss. If you already know you want the house, a realtor might not be necessary—I'd talk to a lender first. I came across this page earlier that explains how heirs can buy the home after a reverse mortgage: reverse.mortgage/info/heirs-and-maturity.

If they have siblings, they may want them to have it since they took care of her.

 

[Cob]

Mom passed 2 weeks ago and owns 136,000 on her house and it’s been appraised at 245,000. I would like to purchase the house, I am a first time home buyer and 50 years old in Ohio. I moved out of my apartment 2 years ago and moved in with my mother as her caregiver. A few questions.

1. Do I really need a real estate agent? (Seems like a waste of money if I already found the house)
2. With all the equity will I still need 20% down?
3. Should I go to a bank or mortgage broker?

Thanks for helping

If you want solid answers and advice on this, you should contact a real estate attorney and someone in the mortgage industry.

 

[Terrel L. Shields]

Should I go to a bank or mortgage broker?

I would stick to a real bank personally- but maybe their mortgage department. The bank will order an appraisal. And with that low LTV, I'd think you would only be out the closing costs, taxes, etc. to date.

You need an appraisal for the estate tax.

Might be low enough there is no estate tax. US estate taxes apply for 15 million or more only.

 

[Zoe]

I would stick to a real bank personally- but maybe their mortgage department. The bank will order an appraisal. And with that low LTV, I'd think you would only be out the closing costs, taxes, etc. to date.

Might be low enough there is no estate tax. US estate taxes apply for 15 million or more only.

Yeah, if they have a local bank they have done business with or not, that may be cheapest option. The bank has lawyer either on staff or some kind of fee that does all their real property work for mortgages, etc.