Question by Dena D: reverse mortgage. is it against the law if you dont report the person that died to the bank?
My grandmother passed away 4 months ago. She has a reverse mortgage. Family is renting the house out. It is unknown if they disclosed to the bank that she has passed away. Is this against the law?
Best answer:
Answer by It All Matters.~☺♥
HELL YES! This is fraud, and if they are cashing the checks… there could be jail time involved. They need to fess up and hope for the best. This home belongs to the bank, not to the family. They need an attorney and they need one NOW! Right now!
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{ 2 comments… read them below or add one }
If she has a reverse mortgage, the bank is entitled to their money on sale of the home, which should take place soon after death.
Yes, it is illegal (it’s fraud) for the executor of the will to fail to notify the lender. They are required to do so to all creditors as soon as practically possible after the death. 4 months is far too long.
Fraud- big time. Jail,costly lawyer, which you had better see along with a fat reimbursement check. Dead people shouldn’t receive checks for still being alive- in a nut shell, pretty obvious. May I suggest that you intervene before criminal proceedings are initiated by the insurance company.