[CLBS] Reverse Mortgage

[Robin Long]

I have a client that has a bit of an unusual reverse mortgage. She made a down payment on a new home, and rather than receiving money each month, she does not make a house payment. The house payment is added to the loan each month.

If she were to sell the house now, she could pay off the mortgage and would receive about $30k.

Does anybody know of any issues this type of loan could create in a chapter 7 bankruptcy?


Robin Long
Attorney
Foley Freeman PLLC
953 S. Industry Way
Meridian, ID 83642
P.O. Box 10
(208) 888-9111
(208) 888-5130

Website: http://www.foleyfreeman.com<http://www.foleyfreeman.com/>
Facebook: https://www.facebook.com/foleyfreemanpllc/?fref=ts
The information contained in this electronic communication, and any electronic attachment(s), contains information belonging to the sender that is legally privileged and confidential. This information is intended only for the use of the named recipient(s) above. If you are not the intended recipient, you are hereby notified that the law strictly prohibits any disclosure, copying, distribution, or action taken on the contents of these documents. If you received this electronic communication in error, immediately notify the sender via reply email and delete this communication.