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chenneybaby
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0.10 Dollars($)
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Post subject: condo reverse mortgage |
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| I took a mortgage on my condo 10 years ago and therefore have little equity. I am 66 years of age. Can i get a reverse mortgage. My mortgage is for 30 years |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 313
Location: Irvine, CA
60.06 Dollars($)
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Post subject: |
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Everybody who is at least 62 years of age, and occupies their home as their primary residence, will qualify for a Reverse Mortgage. Homeowners that don't have much equity will have a shortfall. That means the homeowner will need to contribute towards the Reverse Mortgage, and their only benefit will be elimination of their monthly mortgage payments.
For example, you're 66 but didn't provide your exact birthdate, so I'm going to use today's date, July 6, 1943. If your home was valued at $100,000.00, and you owed that exact amount to the lender, and you lived in California, you'd need to contribute $46,563.00 to enable the Reverse Mortgage to happen. That'd stop your mortgage payments for as long as your home is primary residence.
The program I quoted was the FHA-insured Home Equity Conversion Mortgage (commonly referred to as the HECM - pronounced "heck um") with a fixed interest rate of 5.56%
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Raymond
www.ReverseMortgageCalculator.org |
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ChrisK
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0.10 Dollars($)
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Post subject: |
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| My dad is 80, my mom is 71. Their house is paid in full. If they wanted to help me buy a house for myself would using a reverse mortgage be a good idea? The property's land value alone is worth about $650,000. How much money at their age would they quality for? If they do quality for a large amount and wanted to use that money to buy a 2nd home for me free and clear, what happens to that 2nd home paid for with the reverse mortgage money after death and the loan is mature and due in full on the 1st property? If we understand correctly, the lender would just take the 1st property to settle the loan debt right? Our plan is to have my parents and me on the title of the 2nd home. When they pass away, I'd just retain ownership of that 2nd home and hopefully owe nothing. Is that possible? Who sells the 1st home to settle the loan debt, the bank? Also, would this affect my credit score if I'm on the title of the 2nd home bought with the reverse mortgage, but not on the title of the 1st home? Thanks. |
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LuckyBFarnch
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Post subject: Building |
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| Is it possible to build a guest house on a property that has a reverse mortgage on it? |
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CAREY FORRER
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0.10 Dollars($)
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Post subject: DAUGHTER TAKING REVERSE MORTGAGE MONEY TO PAY OFF OWN HOUSE |
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I WORK WITH SOMEONE WHOSE MOTHER IS NOW IN ASSISTED LIVING DUE TO ALZHEIMERS. HER MOTHER HAD A REVERSE MORTGAGE. THIS PERSON WITHDREW ALL THE REST OF THE MONEY FROM HER MOTHERS REVERSE MORTGAGE, (WHICH WAS APPROX $50K). SHE PAID OFF HER OWN HOME WITH THE REVERSE MORTGAGE MONEY AND HAS NO INTENTIONS ON TRYING TO SELL THE HOME. SHE SAID THE BANK CAN JUST REPO THE HOME. SHE IS GOING TO GET HER INHERTANCE ONE WAY OR ANOTHER. HER FATHER IS DESEASED. CAN SHE GET AWAY WITH
THIS? |
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JoAnne Hunter
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0.10 Dollars($)
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Post subject: Reverse Mortgage |
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| Husband is in the Hospital - age is 54 with a 10% heart function. I am 64 needing a reverse mortgage to stay in home. Do I qualify? |
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Jackie
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Post subject: Reverse mortgages on mobil home and property |
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| I have a 1994 mobil I own the lots. I would like to trade up to a home close to my children. Can this be done and would my new home be free and clear If I paid it off?In other words reverse means they take in the old property for the money loaned and then the new property will be clear except for the difference in price? with that paid off the new property is mine free and clear? Jackie |
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E
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Post subject: Does he qualify |
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| My dad turned 60 this year and is in bad health an no longer able to work. He's collecting SSI and medi-cal. I talked to him and asked about reverse mortgage to see if this is an option for him. Does anyone know if he would qualify for this and how would it work if he is the only one on the title. If he were to pass what would happen to the home, especially because there is not will or living trust. |
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Scott Giguere
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Post subject: Mon is in a nursing home |
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| Are there any Reverse Mortgage options that don't requre the owner to live in the house{owner is in a nursing home} and the house is being rented to help pay for the nursing home? |
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Joanna
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Post subject: New Home Reverse Mortgage |
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| Parents are in their 80's have been renting for 5yrs - they want to buy a house can they get a reverse mortgage loan if they put money down? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Post subject: |
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The reverse mortgae is for some one who already owns a houseand have some equity in the house
If your parents are planning to buy a house now, they cannot get reverse mortgage |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hi Scott,
One of the main conditions for getting a reverse mortgage is that the property must be owner occupied. An eligible property must be used as primary residence by the borrower. Reverse mortgage cannot be obtained on a rental property. |
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savior70
Joined: 25 Mar 2009
Posts: 1412
Location: Florida
166.99 Dollars($)
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To E,
Since your father is 60 years old, he will have to wait for 2 more years to qualify for a reverse mortgage. The minimum age limit to obtain a reverse mortgage is 62 years. As far as your question regarding the title is concerned, he can definitely qualify for the loan even though he is only person on the title. After he passes away, you can refinance the property and pay off the mortgage. Otherwise, the lender will take possession of the property and satisfy their loan debt.
To Jackie,
You can obviously use your current mobile home to obtain a reverse mortgage and utilize the proceeds to purchase a new home. If the reverse mortgage proceeds cover the entire purchase price of the new home, it would be absolutely free and clear. But the catch is, you cannot get a reverse mortgage on a property, if you do not intend to use it as your primary residence. If you plan to move into the new home, you cannot get a reverse mortgage on your existing mobile home. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 313
Location: Irvine, CA
60.06 Dollars($)
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Post subject: |
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>>If they wanted to help me buy a house for myself would using a reverse mortgage be a good idea?
I like it. Your parents can do whatever they want with the money. I'm a parent and my preference is to see my son benefit from my hard work while I'm still alive.
>>How much money at their age would they quality for?
Approximately $366,011.00 (5.56% fixed interest rate)
>>what happens to that 2nd home paid for with the reverse mortgage money after death and the loan is mature and due in full on the 1st property?
Nothing. It's not effected.
>>If we understand correctly, the lender would just take the 1st property to settle the loan debt right?
That's correct
>>When they pass away, I'd just retain ownership of that 2nd home and hopefully owe nothing. Is that possible?
Yes
>>Who sells the 1st home to settle the loan debt, the bank?
If there's equity left, the heir will settle it, pay back the Reverse Mortgage lender, and keep the retained equity. Otherwise the lender will settle it via a foreclosure.
>>Also, would this affect my credit score if I'm on the title of the 2nd home bought with the reverse mortgage, but not on the title of the 1st home?
No. Since cash was paid for the home, your Credit wouldn't be impacted at all.
>>Is it possible to build a guest house on a property that has a reverse mortgage on it?
Yes.
>>CAN SHE GET AWAY WITH THIS?
Only if she has Power of Attorney
>>age is 54 with a 10% heart function. I am 64 needing a reverse mortgage to stay in home. Do I qualify?
Yes. Only you will be on the note and Title. Both of you will have to attend the Counsleing certificate and attend the counseling session. When Reverse Mortgages are done like this, I always recommend getting a Living Trust, to ensure Title transfers smoothly and quickly to the surviving spouse.
>>Can this be done and would my new home be free and clear If I paid it off
You should sell your current place first, pay back the Reverse Mortgage lender, and then get the new house.
>>Does anyone know if he would qualify for this and how would it work if he is the only one on the title.
Your Dad doesn't qualify because he's not 62. HUD isn't flexible in this area.
>>Are there any Reverse Mortgage options that don't requre the owner to live in the house
No
>>The reverse mortgae is for some one who already owns a houseand have some equity in the house. If your parents are planning to buy a house now, they cannot get reverse mortgage.
That statment is inaccurate. They can purchase a home with a Reverse Mortgage.
_________________
Raymond
www.ReverseMortgageCalculator.org |
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