Cohousing-L Mailing List: Reverse Mortgages in Cohousing

[Mary Kay Doyle (marykaydoyle]

I am the treasurer for Elderberry Village in NC. We have a prospective
member who wants to purchase one of our units (cash), then get a reverse
mortgage on her new Elderberry house. We are concerned about the risk that
could create if she moves or dies.

 

We are going to consult with our attorney, but I'm wondering if any other
communities have dealt with this?

 

Thank you,

 

Mary Kay Doyle

marykaydoyle [at] gmail.com <mailto:marykaydoyle [at] gmail.com> 

Elderberry Village

Rougemont NC