Share |

Raymond I am 62 and my wife is

Raymond I am 62 and my wife is 58 is it possible to get a reverse mortgage. We owe no money on our home and it is in both of our names.

Asked on 4:33 am Sep 13th 2011

Anonymous

Comment

Add your comment

3 Answers

Votes Older Newer

Yes, but it can be unsafe because you'd be the only spouse on Title, and if you Pass Away before she does, she'll have to pay the Reverse Mortgage back, which could be painful for her. If you're considering doing it, you should have a Life Insurance policy that provides her with enough cash to pay the Reverse Mortgage Lender back if that happens. Otherwise she'd have to sell the house to pay the Reverse Mortgage back. When she turns 62, you can refinance the Reverse Mortgage with another Reverse Mortgage, and put her back on Title, and then cancel the Insurance Policy (unless you want to keep it). To enable you to refinance in 4 years, you should receive your cash distribution in the form of the Credit Line or Monthly Check, or combination of both, depending on your financial situation. Do not take out your cash in the form of a lump sum. That means you're going to have to get the variable interest rate option (the LIBOR option), not the fixed interest rate (because the fixed interest rate programs require the cash be taken out as a lump sum upon funding of the loan). That'd result in your equity being used faster, potentially resulting in your not being able to refinance into another Reverse Mortgage in the future. I hope that didn't confuse you. Call me on my cell at (949)400-1729 if you have any questions.

Answered on 5:19 pm Dec 12th 2010

raymond
Community Expert

Comment

Add your comment

Thank You we appreciate you help and we are in a pretty good situation right now so we are going to just wait

Answered on 8:58 am Dec 15th 2010

Anonymous

Comment

Add your comment

Hello, am Ms.Lim Ong,I really cant help you with your QUERY but i can refer you to one trusted loan consultant that helped me when i was in financial straits,you can write to their customer care email address at: transparent.loan@ymail.com

Good Luck
Ms.Lim Ong

Answered on 1:01 am Sep 15th 2011

Anonymous

Comment

Add your comment

Write Your Answer

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0

^Go back to top

Page generated in 1.482251 seconds.

Ask Question

Raymond I am 62 and my wife is

Write Your Answer