A Reverse Mortgage is one that pays money from the equity in a home. They are non-recourse loans.
My question is:
Person qualifies for a Reverse Mortgage, and could get either a lump sum payment or monthly payments.
If they choose monthly payments, and then file Chapter 7, could the courts take some or all of that monthly payment?
OR, If they go into Chapter 7 and keep the house, then get a Reverse Mortgage, could the courts come back and take the money then?
I am sure that these are ignorant questions, but sort of confused as to how things work in a BK
Thanks in advance for your replies.
Charles
My question is:
Person qualifies for a Reverse Mortgage, and could get either a lump sum payment or monthly payments.
If they choose monthly payments, and then file Chapter 7, could the courts take some or all of that monthly payment?
OR, If they go into Chapter 7 and keep the house, then get a Reverse Mortgage, could the courts come back and take the money then?
I am sure that these are ignorant questions, but sort of confused as to how things work in a BK
Thanks in advance for your replies.
Charles