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atkinsted
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0.10 Dollars($)
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Post subject: Medicare |
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| If my father gets a reverse mortgage will he loose his social security. I am talking the lump sum kind. He he get's 100,000 let's say does he have to spend it all at once? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi atkinsted,
Taking a reverse mortgage will not end the social security that your father is receiving. No, he will not have to spend the whole money at once.
_________________
Procrastination is the enemy of your financial sucess |
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peanut
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0.10 Dollars($)
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Post subject: sale of home |
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| what if you want to sell your home and you can't find a buyer and you have a reverse mortgage on it? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome peanut,
Your reverse mortgage will immediately become due if you sell off the property. You will have to decide whether you would be able to pay off the lender when you sell the property. Did you list the property in the market?
_________________
Procrastination is the enemy of your financial sucess |
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rbingham47@hotmail.com
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0.10 Dollars($)
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Post subject: Buying a home with reverse mortgage |
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| For example, if I am 62 and find a home with market value of $250,000 and the seller is asking $100,000, can I purchase the property with a reverse mortgage and receive the approx. $150,000? In other words, will you finance the $100,000 and give me a reverse mortgage for the $150,000 extra? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Hi rbingham!
Welcome to forums!
As far as I know, you'll be able to buy a property with the help of a reverse mortgage. However, this property has to be your primary residence. However, I don't think you'll be receiving $50,000 extra after purchasing the property for $100,000 with the help of a reverse mortgage.
Sussane |
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Florida Sun
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0.10 Dollars($)
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Post subject: no cash out on reverse mortgage |
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my parents are in the process of going trough with reverse mortgage but were told they don't get any money from the deal, why is that?
loan amount @ 86,000 property appraised at $160,000 |
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savior70
Joined: 25 Mar 2009
Posts: 1412
Location: Florida
166.99 Dollars($)
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Post subject: |
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Hi
Who told you that? Did you not ask him on what ground he told this? But, is there any outstanding loan on the property? If there is, then that has to be paid off first with the money from the reverse mortgage. Now if you have a large amount of loan due on the property, you will not be left with too much money after you get the reverse mortgage money and pay off the existing debt. |
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Helen Boyd
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0.10 Dollars($)
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Post subject: new reverse mortgage |
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| I heard that I can take an equity loan out of my paid for townhouse and use it as a down payment on a new home. Is this true? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Hi Helen,
You can take out an equity loan and use it as a downpayment on a new house. But whether or not the lender would accept that, depends entirely on them. Some lender may prefer downpayments from other funds to that from a HELOC. Moreover, you should keep in mind that too much of debts will affect your DTI ratio and can spoil your chances of getting a new loan. |
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Sha
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Post subject: Reverse mortgage on a mobile home |
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Hello all,
My mother lives in a mobile home where the floors are falling through. it is a 1983 model. She is 65 years old. She owns, clear title, the two acres that she lives on also. If we get another type of loan to get her a small house or a new trailer, could we say a month or two later get a reverse mortgage? Any stipulations on the time that she has to have lived in that new home? |
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Russ in Nevada
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0.10 Dollars($)
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Post subject: |
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| My parents had a reverse mortgage on thier home and had what I am told is MIP insurance. I have also been told that since there is the MIP insurance that the house should be ours free and clear. Is this true? |
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Bobbie in VAB
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0.10 Dollars($)
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Post subject: Length of time. |
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My husband and I are planning to retire and move to a retirement community in another state. With the present stock market situation, we have to postpone for at least a year until my social security kicks in.
We will be buying a house for cash. Is it possible to get a "temporary" reverse mortgage and pay it back within a couple of years? |
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savior70
Joined: 25 Mar 2009
Posts: 1412
Location: Florida
166.99 Dollars($)
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Post subject: |
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Hi
To Sha,
Qualifying requirements for a reverse mortgage are far less strict than for a regular mortgage. I haven’t heard of any seasoning requirement for a reverse mortgage. If you are 62 tears old or more and hold the title free and clear to a property that has enough equity in it, you can obtain a reverse mortgage.
To Russ,
A Mortgage Insurance Premium (MIP) on a reverse mortgage makes sure that you never owe more than the value of the home, when the reverse mortgage is repaid. So, if your house increases in value over the years, there will be excess money left for you after the house is sold to pay off the reverse mortgage. If there’s enough equity due to high appraisal, you can also get a new loan on the property and pay off the reverse mortgage.
To Bobbie,
A reverse mortgage for a very short term may not be available. But most of these reverse mortgages do not have a pre-payment penalty. So, if you can afford, you can pay off the mortgage after a few years, without having to pay any pre-payment penalty. |
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carol
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Post subject: thanks |
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| we are desperate could anyone give us just one lead we have a double wide 1974 on 1 arce permanent foundation paid forwe need reverse mortgage please help if you can my friend will be 80 in july. We live in idaho thank you for your other replys |
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