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Query re. reverse mortgage / will

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Antarctica View Drop Down

Joined: 02/May/2010
Location: Australia
Posts: 75
  Quote Antarctica Quote  Post ReplyReply Direct Link To This Post Topic: Query re. reverse mortgage / will
    Posted: 15/May/2018 at 17:09
Family of four in South Australia with two parents in early 80s. One family member took out a loan to pay off a reverse mortgage taken out by the parents. He now stands to gain the whole property and other three siblings are cut out of the will. This family member has been saying he rescued the situation because bank would have ended up owning the house. But ASIC site on reverse mortgages states that this usually cannot happen. The elderly mother went along with husband and this son, not fully understanding what was happening. Any suggestions for assistance to family as they feel this is unfair based on their assets and incomes.

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