A reverse mortgage lender will determine whether you qualify for a mortgage based on the amount of equity you have in your home.
Let’s start with an explanation of what a reverse mortgage is and what it can do for some homeowners. In addition to one of the homeowners being at least 62 years of age, this form of financing requires that you either own your home outright or have a substantial amount of equity in the property.
From your letter it would appear that your mom was at least 62 and must have had a substantial amount of equity in the home in order to obtain the reverse mortgage. It’s also clear that you didn’t approve of your mother’s decision to take out a reverse mortgage on her home. But, if she was of sound mind, that was her decision to make.
It appears that when your mom died, the lender called the loan. Under the terms of the reverse mortgage, the lender has the right to sell the home to satisfy the debt owed on the reverse mortgage. Hence, the lender was able to evict you and sell the home.
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