[WSBAPT] Reverse Mortgage/Elder law issue

[G. Benjamin Lindsey III]

Thanks! In this case, after getting more information, the elder law issues trump the concerns over the home. 

We will see what the family does.

G. (Gus) Benjamin Lindsey III, 
Esq.
Lake Stevens, Washington
Sent from my iPhone

On Sep 25, 2015, at 12:24 PM, Sarah Jael Dion <sarah at dionlaw.com> wrote:

> Hi Gus,
> 
> In these circumstances, unless someone (1) has the money to pay off the reverse mortgage, and (2) it actually makes sense to do so, the lender eventually initiates foreclosure proceedings. Judicial Foreclosure proceedings seem to take months (and sometimes longer), so there should be plenty of time to go remove possessions, etc. from the home. 
> 
> I advise clients to retain homeowner’s insurance until the date the lender seizes possession. Otherwise, your client could be on the hook to the lender if the house burns or is otherwise destroyed.
> 
> Sarah Jael Dion
> 
> Dion Law PLLC					
> 206-550-4005
> sarah at dionlaw.com
> dionlaw.com
> 
> This message is private or privileged. If you are not the person for whom this message is intended, please notify me immediately and delete the message. Please do not copy or send this message to anyone else. 
> 
> 
> 
> 
> 
>> On Sep 25, 2015, at 8:08 AM, G. (Gus) Benjamin Lindsey III <lindsey3 at gbl3law.com> wrote:
>> 
>> Good morning,
>>  
>> One of my clients called me on behalf of an acquaintance and I’m not sure where to direct them for assistance.
>>  
>> The PC apparently obtained a reverse mortgage some years ago, with the idea that it would allow the PC to remain in his home. Unfortunately the PC now suffers from dementia and therefore had to move out the home. 
>>  
>> PC’s home in somewhere in Eastern Washington but the PC is now living in Snohomish County with a caretaker/companion. Originally both the PC and the caretaker resided in the Eastern Washington residence. 
>>  
>> The reverse mortgage company is now saying “return our money” (which, of course the PC does not have). PC is being told that another option is to just walk away or try a short sale. 
>>  
>> The caretaker is most concerned about removing her furniture and appliances from the Eastern Washington home. 
>>  
>> Has anyone dealt with this type of situation? There seems to be a couple of elder law issues lurking in the shadows based on the general information that I have heard so far, but I have not talked to the PC yet.
>>  
>> Any insight or recommendations or referrals will be appreciated. I have not dealt with reverse mortgages at all. 
>>  
>>  
>> Sincerely,
>>  
>> G. (Gus) Benjamin Lindsey III
>> Attorney-at-Law
>> <image001.png>
>>  
>> The Law Office of G. Benjamin Lindsey III
>> 2012 Grade Road, Suite 202
>> Lake Stevens, WA 98258
>> Phone:   (425) 263-9585
>>  
>> website: www.gbl3law.com
>>  
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