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 raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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 Posted: Fri Jul 03, 2009 10:33 am Post subject: |
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>>she took about $25000 in cash and the rest stayed on a line of credit. who knows what happened, but she subsequently refinanced and suddenly owed about $185000.
I'd like to know more about the "who knows what happened" part of the story - she received an awful lot of money from the first Reverse Mortgage, and more cash from the other refinances. Why is she broke now, only a short time later? I'd ask more questions before pointing the finger at the Reverse Mortgage. There's more to this story then meets the eyes.
And, just as a FYI, the fees are a lot lower when a HECM is refinanced, because FHA's insurance is prorated.
I'm interested in knowing more about what happened to this homeowner and would like to talk with her.
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Raymond
www.ReverseMortgageCalculator.org |
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Turtle
Guest
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| Posted: Fri Oct 09, 2009 11:38 am Post subject: low estimate |
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| My house is very old and because of the neighborhood it values at $48,000 is that too low for a reversed mortgage? |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Fri Oct 09, 2009 11:51 am Post subject: |
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No, it's not too low. There isn't a minimum value with a FHA-insured Reverse Mortgage.
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Raymond
www.ReverseMortgageCalculator.org |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Fri Oct 09, 2009 5:33 pm Post subject: |
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| Thats really a good question, because lenders may not want to process a low mortage loan, becuase it cost them more money process than loan |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 10, 2009 8:32 am Post subject: |
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With a traditional FHA-insured mortgage there aren't any minimums either. However, an "Investor" may say she won't buy the loan after it's originated unless it has a minimum value. That's called an "overlay". The only Investors for HECM's are Fannie Mae and Ginnie Mae, and there aren't any overlays.
I just completed originating a HECM in Mississippi and the home appraised for $30,000.00. It was a real old house and the homeowner grew up in it, and inheritied it from her folks when they passed.
Also, for reference, homeowners aren't allowed to pay for Processing or Underwriting with HECM's. The Originator must pay for those two fees out of her Origination Fee.
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Raymond
www.ReverseMortgageCalculator.org |
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agnes phillips
Guest
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| Posted: Tue Nov 10, 2009 12:02 am Post subject: refinance line of credit w/ Bof A |
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| Told that if we do not refinance we will not be able to draw ant money and our monthly payment will increase because they will be billed for interest and principle any fees, past due amounts and unpaid charges accrued on our account. |
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agnes phillips
Guest
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| Posted: Tue Nov 10, 2009 12:06 am Post subject: told to refinance our line of credit on a Reverse Mortgage |
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| told to refinance in order to be able to draw funds and/or our monthly bills will be higher. |
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