I need help with FHA

franandleo

LoanSafe Member
I applied for a reverse mortgage through OneReverseMorgage and they have been very helpful but we hit a road block.

My husband is on hospice with severe dimentia with lewy bodies -- he is dying a little every day. Because of his condition I used his POA to file the paperwork for the reverse mortgage and supplied One Reverse Mortgage with the poa, medical poa and a quick claim deed from my husband to me done before he got so terribly ill. Because I have a regular POA and not a "durable POA" the FHA wants me to get a conservatorship -- I researched this and it will take four to six months to complete and probably by then my husband will have passed. It will cost over $2,000.00 and quite frankly I would have to do it myself and since my husband needs 24/7 care from me it is next to impossible for me to go to court over and over again. A social worker told me that there is a procedure to get a waiver on any ruling by the FHA. My loan application with One Reverse Mortgage has been stopped due to the "conservatorship requirement". They have been wonderful and I would like to process the loan through them as they have had great sympathy as to our situation, but because of this FHA requirement their hands are tied. The purpose of getting the reverse mortgage is just to end the mortgage payment -- We owe $50,000.00 on the house and this would free up over 400.00 a month which I could use to improve our lives and get the hospital bills off my back. Is there a way that I can approach the Federal Housing Authority about this conservatorship requirement. All we have is our home which was built in 1991 and a 1996 car -- we are not rich -- have no stocks, bonds, pensions, etc. I had to quit my state job four months from vesting to take care of my husband and lost my pension. We are both living on our social security (I took early SS when he became ill four years ago and am 65 now and my hubby is 79) and after all bills are paid we usually have less than $200 for food, but because my social and his social together are over 1200.00 a month we don't qualify for any programs (medicaid etc) In NM the most you can have is 1200 a month in income and my social is 1000 and his is 798. Can you help me contact the Federal Housing Authority in New Mexico to plead my case to overthrow the conservatorship requirement. We have been married for 39 years this December and all I am trying to do is make our lives together better. Please help me.
 
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