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 richardeodle
Joined: 22 Aug 2007
Posts: 1
1.35 Dollars($)
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miller_st
Joined: 17 Jan 2007
Posts: 918
168.95 Dollars($)
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carnahandavid
Joined: 21 Dec 2006
Posts: 238
58.41 Dollars($)
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SAMcClellan
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Posted: Thu Aug 23, 2007 3:15 pm Post subject: Still Leery...
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I called the number given on the Robt Wagner ad and was contacted by a mtg Co., out of San Diego. So gungho it made me leery, especially after I was told that I had to lst get an appraisal for $3-400 dollars and that I wouldn't have to go for "credit counciling"...credit counciling??...as they'd changed it so I could do it over the phone to save seniors travel expenses. Next thing I know, one of my "fixed interest" credit card companies notifies me that they've raised my %rate to 20%, from 8%, due to information received from Texas' Experian, Credit reporting agency.
It appeared to me that my applying for the Reverse mtg indicated that I was in dire straits, monetarily(?) I had been awaiting turning 62, so I could remodel and upgrade my house, out here in a rural area of Oregon, where they prohibit lending mtg money on older P&Beam homes, built before pouring slabs and modular homes became the "norm". Unless I can get the money to upgrade my home, thru a Reverse Mtg, the value to a mtg lender would be nil and that would be what an appraisor would indicate, I'm sure. I had, previously been under the impression that I would be able to use the money to upgrade my home, making it more valuable, in the long run, not that it had to be worth some projected future value. I have yet to find someone who will tell me what the downsides are or how seniors might be taken advantage of, now, or in the future...will they (the mtg co's...will these mtg co's go out of biz...fold?..then what?) Will they raise the maintenance/insurance requirements to some unreasonable amt, forcing seniors to sell, because they can't meet these requirements?...It's spooky to me, already...what do we look out for? I was previously told that I should back away from anybody who required me to put out any money "up front" for any reason...? |
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rovics
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Yvette
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Posted: Fri Aug 24, 2007 5:08 am Post subject: Reverse Mortgage Issues
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The value of the home determines how much you can borrow and if that amount is at least enough to pay off any existing mortgages/liens on the property, which it must do before any funds can be disbursed to the borrower. The home must be appraised as a part of the application process and these FHA approved appraisers must be paid. Some companies require that payment at time of application, others may not require it up-front, but let you know that if your application does not go thru, the applicant is respnsible to pay for the appraisal. If the property was recently appraised, or if the applicant or the loan officer knows how much similar homes sold for, perhaps the application can be taken without upfront payment. But if a company has taken many applications where the loan was not completed, they cannot absorb that cost too often.
About how to get payments - proceeds can be paid in a lump sum, a line of credit, or cash at closing - or a combination like some cash and the balance as a monthly check. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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