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    2172ella's Avatar
    2172ella Posts: 1, Reputation: 1
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    #1

    Jan 7, 2018, 01:42 PM
    We are senior citizens considering bankruptcy, can we do this with a reverse mtg.
    We are senior citizens considering bankruptcy, we have a reverse mtg. can we still apply for bankruptcy and will they take our auto. It is a 2005?
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #2

    Jan 7, 2018, 05:33 PM
    You can't do much of anything without approval of the lender who is paying the reverse mortgage.
    They won't take your vehicle.

    Check with your nearest senior center about financial advice for everything you are doing.
    Or ask at the town hall, or look online at AARP.

    It might be that you just can't maintain your home, and are in too deep.
    If you have Medicaid in addition to Medicare, and you need nursing home care, the state (Medicaid) will take your home, what's left of it on paper, if you own it for the 5 years prior to needing the care.
    Sometimes it's best to sell the house now rather than try to live there forever. (Yes, you can sell with a reverse mortgage.) Apply for senior housing before you put it up for sale.
    You might do best talking to both the town social worker about housing and benefits, and a senior financial advisor.

    Many areas hold talks at senior centers, or at senior living facilities, about all of this, 2 or more times a year.
    It doesn't have to be a 'nursing home.' These days, there are very nice places with cottages or apartments too.
    talaniman's Avatar
    talaniman Posts: 53,912, Reputation: 10852
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    #3

    Jan 7, 2018, 07:37 PM
    I don't know your location, but consulting a bankruptcy attorney would be wise. Too much depends on the particulars of your case to give an answer. What does your 13 year old car have to do with this? What type of reverse mortgage do you have as there are several types. What type of debt are you seeking relief from?

    The devil is in the details.

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