Reverse Mortgage

[Monty]

Over 62 years of age. Equity in the home. Is it better to just do a reverse mortgage and let everyone else charge off rather than filing a 13?

[BKAttyMI]

Would need more information to even begin to answer this question, I suggest you visit with a local attorney to find out what a Chapter 13 would look like for you.

[Monty]

Thanks BK.
it's for a borrower I have. He has a lot of unsecured debt that going into collection. My thought is. Do the reverse and since the other debt is already reporting bad. Deal with it later Its easyer you remove charge offs from the report than a BK.

[justbroke]

Monty as BKAttyMI wrote there are not enough details and this is complicated when Real Estate is involved! If the owner were in Florida or Texas, the answer may be simpler -- given the unlimited homestead exemption -- but we can't tell to what extent creditors may be able to claw at that equity. There are other things to consider as well such as being collection proof -- albeit being collection proof may not work in States where the homestead has "limited" protections.

As BKAttyMI wrote, you should consult a local attorney that knows the local laws regarding homestead and other assets.