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Harry12
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| I mean is there any possiblity that i need to pay it off or something like that? or what would happen if my dad defaults? |
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brad
Joined: 17 Dec 2007
Posts: 80
Location: Florida
20.67 Dollars($)
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Harry,
I see. No your father can not default because their is no monthly payment and if something were to happen to your parents you would simply sell the home or refinance it if you wished to keep it.
The way a reverse mortgage works is the total opposite of a forward mortgage. Instead of making a monthly payment the lender pays you and the balance accrues on loan. Your loan can never be more than what the house is worth. Home=Loan. If your fathers balance goes to 700k and the house is worth 500k then you would just sell the home for 500k.
Does that help?
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Bradley D. Gertz
V.P. Lending Operations
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Fax: 561-746-7383
email:
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Shay Rhinelander
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| How does receiving a lump sum in a reverse mortgage transaction affect ones SSI payments? |
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brad
Joined: 17 Dec 2007
Posts: 80
Location: Florida
20.67 Dollars($)
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it will not affect your SSI or Medicare at all.
_________________
Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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Rhonda
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0.10 Dollars($)
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| My dad applied for a line of credit reverse mtg. he could do without it but now that he has already taken it, can he apply for annuity? He has had the loan for a year now. |
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Johnson
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| I need to pay about $45000 to get clear title to my property. The state appraisal for tax purpose is $70,000. Is it worth getting reverse mtg? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Rhonda, looks like you may not qualify, I'm not sure though.
Johnson, for reverse mortgage, you need home appraisal, so don't think the tax appraisal has much to do with it.
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Procrastination is the enemy of your financial success |
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tgolden
Joined: 06 Jan 2007
Posts: 51
Location: South Carolina/ Nationwide
27.80 Dollars($)
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Post subject: Tony Golden - response to many questions |
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Hello All,
Harry12: Brad is correct in his post. the only thing I would add is that a reverse mortgage is a non-recourse loan meaning the mortgage insurance you are required to have will cover the loan amount if it is higher then the value of the home if a sale takes place.
Shay Rhinelander: - the proceeds of a reverse mortgage are not income. they are assets you already own in the form of locked up equity. This should not effect your SS although there have been cases it has depending on how you distribute the money. Have your loan officer get the lender to review your personal situation.
Rhonda: - your dad can do what he likes with the money. It is his to spend in anyway he pleases. I would make sure that the annuity is the right thing to do based on his situation. If not done properly or for the right reasond the reverse is a growing debt and the interest on the loan could out pace the return you are getting on the annuity over a short period of years. that is why you see so much about annuities in the reverse contracts. We do not want loan officers or insurance agents having people do a reverse to simply put into a annuity as annuities pay big commissions. It has been taken advantage of many times.
Johnson: - Your tax value is not a accurate review of the actual appraisal of the home. many companies will do the appraisal for no cost as you persue a reverse. If the loan amount is not positive then you walk away if you care not to move forward. Your quickest idea is to see if a real estate agent can give you a list of the homes that sold in the past 6 months. that should give you an idea of what yours is worth.
I know it is direct and short but i hope it helps
tg
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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Jayson
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| Are there reverse mtgs offered by the government? |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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Hi Jayson,
Reverse mortgages are backed by HUD which is a division of the federal government. However these loans issued and serviced by lenders that are approved to do these types of loans. So you just need to go with a lender that is able to do them.
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Allpointe Mortgage
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Jayson,
Welcome to the forum.
The Home Equity Conversion Mortgages are kind of reverse mortgages which are backed by the U. S. Department of Housing and Urban Development. If you want to know about features and benefits of HECM, check out this article at http://www.mortgagefit.com/hecm.html
Hope this will help you.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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allan r haller
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Post subject: reverse mortgages on mobile homes |
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i am now doing reverse mortgages for seniors. i believe the only way a loan can be done is on a manufactured or mobile home permanently anchored on land the individual holds title to. if it is otherwise i am very interested please contact me at "allan.haller@yahoo.com"
[Deactivated email address as per forum rules. Thanks.] |
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Mrs. baker
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Post subject: should home prices affect rev mtg? |
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| I have a reverse mtg on my home. Should I get the benefit of home price appreciation? What I mean is, if home price increase should any extra equity be added to the account? |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Mrs. baker,
Welcome to the forum.
If your property value increases that does not means your equity increases. But surely if you sell the house get some more money.
Best of luck,
Larry |
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Ronald
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Post subject: avoid insurence for reverse |
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| I am over 62 years of age. Can I get a lump some amount of 60,000 dollars as reverse mortgage? Can I avoid federally insured provision? |
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