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timpaul
Joined: 19 Feb 2006
Posts: 3
Location: Michigan
0.75 Dollars($)
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Linda -
Be sure to consider all options. You don't state your mother's age, but with the relatively small home value, existing mortgage payoff and steep reverse mortgage origination costs, this option may not generate much either as a lump sum or monthly payment.
There's lots of online calculators where you can tryout different scenarios. I plugged in for a 75-year old and the best result was $39,000 lump sum or $266/month for life. Of course your mother also gains by getting rid of the existing mortgage payment.
If your mother is at an age or health status that it seems likely she would remain in the home for 7 years or less, a home equity loan or line of credit requiring interest-only payments for 10 years may be preferable. She would avoid the high origination costs but would have to make monthly interest payments that would grow over time. These payments could be made by drawing on the credit line itself
Since she has good equity and is making payments on the remaining mortgage, she should be able to find a lender.
Reverse mortgages can be great tools in many situations, but there are other options that can be more cost-effetive at times. Good luck.
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HELOC Loan Tips | Reverse Annuity Mortgage |
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Teresa Maynor
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0.10 Dollars($)
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Post subject: reverse mortgage |
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please send me info on your program for seniors. I am a social worker and have few clients that could benefit from your program. Most of them are up in age and can't cont to pay there current payment.
120 Broadcrest Dr, Pgh, PA 15235 |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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Hi Teresa,
Welcome to MortgageFit Forums.
I appreciate you for the noble work that you are involved in. We do have different types of program on reverse mortgage offered by our network of lenders, based on the consumer's needs and eligibility.
I shall request you to sign up with us and place your query detail so that we may contact you and supply you with the information required.
For specific information on a specific requirement you may get the person to sign up with us and put in his/her details so that we directly serve them in the best possible way.
We will try our best to help you with your noble cause.
Feel free to ask if you have more queries.
God bless you.
For MortgageFit,
Samantha
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Know how to compare lenders with mortgage booklet |
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Yuhanna-AL
Guest
0.10 Dollars($)
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Post subject: Thanks for the Information! |
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| Your website is very helpful in making the right decision/choice in an otherwise difficult process. My Dad and I THANK-YOU VERY MUCH! Keep up the good work! |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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Hi Yuhanna,
Welcome to MortgageFit Forums.
Thanks to you and your father for appreciating our effort. It's an encouragement for us that you liked our site.
We will try to live up to your expectations. Feel free to ask us if you have any problems.
We shall try our best to give you appropriate suggestions.
God bless you.
For MortgageFit,
Samantha
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Know how to compare lenders with mortgage booklet |
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Someone needs help
Guest
0.10 Dollars($)
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Post subject: My father died and had a reverse loan...who is responsible? |
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My father died and now the mortgage company states that I am responsible for his loan; even though he is not listed on my birth certificate as my father and I did not know about the processed loan. Also, his girlfriend has at least $12,000.00 of the money because she was on the bank account with him and when he died..she got all of his funds. Am I responsible for this loan? Why or why not?
Can this affect my credit? Do I need an attorney? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1849
Location: MICHIGAN
283.84 Dollars($)
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Post subject: RE: |
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Hi,
I feel sorry to hear about your father.
According to me you are not liable to pay any off the unpaid debts that were left behind by your father simply because he is not listed in your birth certificate.
Saying that, I would like to know a couple of things like have your father left any will or deed where it is mentioned that you will pay off his debts after his death. And is his girlfriend the co-owner of the property.
I would also suggest you to contact an attorney immediately.
Thanks,
Jerry |
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Celia J. Keeran
Guest
0.10 Dollars($)
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Post subject: INFORMATION ON REVERSE MORTGAGES |
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Hello!
I am in Canton, Ohio and you can either send me information about a Reverse Mortgage for Seniors at 3833 Sanborn Avenue N.W., Canton, Ohio 44709-2258 and/or call me at (330 492-2247.
Mrs. Donald W. Keeran
04-05-06 |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: RE |
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Hi, Celia
What kind of information you are looking forward to. If you can be more specific then I can help you in better way.
You can get the information here http://www.ftc.gov/bcp/conline/pubs/homes/rms.htm
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Procrastination is the enemy of your financial success |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: RE: |
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Hi Canton,
We would love to give you each and information you would like to have on reverse mortgage. But since it is a huge topic in itself therefore we would ideally like you to be more specific.
Thanks,
Caron |
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Lynn
Guest
0.10 Dollars($)
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Post subject: Reverse Mortgages |
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| When doing a reverse mortgage, does the owner still make monthly mortgage payments? |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: |
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Hi Lynn
Welcome to the forums
For reverse mortgage, homeowner doesn't make any payments to lender during the loan. The loan needs to be repaid when the homeowner ceases to occupy the home as a principal residence.
The loan repayment obligation can't exceed the home's value or sales price.
Thanks
_________________
Procrastination is the enemy of your financial success |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.88 Dollars($)
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Hi,
There is no such repayment scheme required in a reverse mortgage program.
Reverse mortgage need not be paid back as long as the borrower occupies the property as his/her principal residence. Otherwise, it becomes due after the last surviving borrower dies.
Regards,
Blue |
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MS. B
Guest
0.10 Dollars($)
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Post subject: WORKING AT age 63 |
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| I am a widow, and I am still working a full time job . Will this effect my chances of getting a Reverse Mortage. |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: RE |
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No, never and if someone has said you like that then he I am sorry to say that he knows nothing about it.
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Procrastination is the enemy of your financial success |
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