Cohousing-L Mailing List: Re: Reverse Mortgages in Cohousing

[Bonnie Fergusson (fergyb2]

    We had a long term resident at Swans Market Cohousing who ended up getting 
a reverse mortgage at one point.  When she died it did make it a more complex 
problem for her heirs to sell the house but they were able to work something 
out with the bank in the end.  The bank really didn’t want the condo because it 
was in the middle of the financial meltdown when there were beaucoup 
foreclosures at the time.  I don’t know the details of how they worked it 
out.Perhaps Trumps tanking the economy will prove an unexpected blessing in 
this case😉.Bonnie FergussonSwans Market CohousingOakland, California


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On Tuesday, April 15, 2025, 9:38 AM, Mary Kay Doyle <marykaydoyle [at] 
gmail.com> wrote:

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

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