Reverse Mortgage

where can i get reverse mortgage leads?

Admin — Thu, 09 Sep 2010 09:24:55 +0000

what are the costs, fees etc involved in selling a home that has a reverse mortgage?

Admin — Thu, 09 Sep 2010 04:00:11 +0000

My Dad passed away in June. He and Mom have two homes One has a reverse mortgage the other he took out a loan on for a line of credit. He apparently out lived his money and over the last ten years cashed in most of his life insurance policies. Bottom line, he left my mother the task of being responsible for two homes while receiving only ,100.00 a month from social security,She did receive 00.00 from the VA but this has been spent on bills. She has done nothing since my Dad did on June 25th, but sit at a table all day and night writing checks. My mother was not involved with the finances and is very much in need of guidance from a professional but cannot afford to spend any extra money for anything. She was advised that she should sell one or both of her homes. Although the line of credit she has in the one house is helpful (this is an interest only loan), it is not enough to support two homes and herself. I have been staying with her since Dad became ill on June 3rd. This house is close enough to mine where I can travel back and forth to my own home and try to keep it up as well, The other house (with the reverse mort.) is to far away for me to pull this off. She’s 86 and I’m concerned this stress will kill her too. Any advice is appreciated. Thank you
She isn’t looking for a loan really, she’s looking for a way out of one or two. She has no idea how my Dad handled the money, she just knows he would take money from one account and put it in his living expenses account. She thought it was the home equity-line of credit account he took it from so she did that. We have since decided she shouldn’t do that anymore. The reverse mortgage house can’t be rented, it’s their rules. Plus it’s a condo in an HOA and every time they’d turn around they’d be getting an assessment (sometimes 00.00) for for something plus they pay 0.00 a month to the association to live there. In their own house. It’s not a good situation in my opinion but, who knows. Thank you for (continuing) to respond.

do you need a good credit report to get a reverse mortgage?

Admin — Wed, 08 Sep 2010 21:25:01 +0000

Quick idea of reverse mortgage?

Admin — Wed, 08 Sep 2010 14:52:14 +0000

I know I need to talk to a bank about this, but trying to get a quick idea about how a reverse mortgage would work for my mother-in-law who wants to sell her 2-story house and buy something manageable. Trying to figure out some way she can afford this.

1) Can you a reverse mortgage on a house where you dont own the land? She wants a pre-fab in a retirement community where you rent the land.
2) About how much could she get monthly for a reverse mortgage on a 0k house. I’m sure it depends on many things. She is 83 and is in good health. Any estimate what so ever? Range?

Thanks for any help!

So many reverse mortgage questions!?

Admin — Wed, 08 Sep 2010 04:00:24 +0000

I’m a little overwhelmed with all of the information out there on reverse mortgages. The main thing i want to know, is how we pay back the loan – how often, etc.
Thanks in advance for your help!

House is worth $700,000 and could generate $35,000 per yr at 5%. Should I consider reverse mortgage or sale?

Admin — Tue, 07 Sep 2010 16:01:34 +0000

Currenty paying ,000 in taxes on home, no mtge. Thinking of investing sale proceeds into money mkt mutual fund and generating 5% return. Will yield ,000 per yr and could use this for apartment for me and my wife after sale, at say 00 a month. Coupled with 00 in SS benefits per month this appears to make more sense than a reverse mtge – any thoughts??

Which bank gives reverse mortgage loan at Tirupur Tamilnadu?

Admin — Tue, 07 Sep 2010 10:36:04 +0000

Can a person (age 70) w/ bad credit and multiple refinances on their home be eligible for a reverse mortgage?

Admin — Tue, 07 Sep 2010 05:13:27 +0000

My 70-year-old aunt just refinanced AGAIN for a 30-year mortgage. Who expects to be paying at mortgage at 100?

Anyway, after doing some research I have learned that she has refinanced about three times and has bad credit (576 score).

I want to help her figure her way out of this. She said her son and her adopted son (who is 11) won’t want her house when she’s gone. So I found out about the reverse mortgage.

With these issues in mind, would she be eligible? Would that get her out of paying her mortgage 100% or only the overall loan amount (2k), minus the amount the home is worth (k).

I know. This all sounds bad, but her 40-year-old son could careless about her affairs, and as her niece I want to see how I can help her out of this mess.

Unfortunately, I learned about it once all the damage was done. Also, if she is a candidate for a Reverse Mortgage, are there any cons to this concept when a house is in shambles and no one wants it once the owner is gone anyway?

What is the interest on a reversed mortgage?

Admin — Mon, 06 Sep 2010 11:12:38 +0000

With a reversed mortgage you can get up to 40% of the market value of your house in cash, if you are over 60 years old. What percentage of interest is calculated on this amount? Is it the same as a first mortgage, or by what is the interest calculated?

where to get the best reverse mortgage??

Admin — Mon, 06 Sep 2010 05:50:05 +0000

If there is such a thing as a good reverse morge ??,has any one out there found it, & if so, would they care to share their experience with us.??