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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Kmc!
Welcome to forums!
When the person who has taken a reverse mortgage on the property dies, his heirs will have to refinance the mortgage and pay off the dues. Or, the lender can sell off the property and recover the loan dues.
Feel free to ask if you've further queries.
Sussane |
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deckerdt
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Post subject: reverse mortgage |
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| I have a reverse mortgage at this time and want to purchase a home for my daughter, can I do that? I still live in my primary residence. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi deckerdt,
As you have a reverse mortgage on your current home, I guess it will be difficult for you to qualify for a loan to buy a property for your daughter.
Thanks |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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>>I have a reverse mortgage at this time and want to purchase a home for my daughter, can I do that? I still live in my primary residence.
Yes, as long as you can qualify for the new mortgage. Bank of America also offers their proprietary Reverse Mortgage, the "Platinum" program, and it'd allow you to purchase a second home with a Reverse Mortgage. So you'd be able to have your original Reverse Mortgage, and another Reverse Mortgage for your second home, and you could allow your daughter to live in it. But you'd have to live in it sometimes too, because it has to be your second home. That might be an easier way to go, because it'd be easier to qualify. That's the "pro". The "con" is you'd have to have a significant down payment in order to do that.
Ultimately the answer to your question is "yes", it's allowable, and you can accomplish your goal with either a Forward or Reverse mortgage.
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Raymond Denton
www.raymonddenton.com |
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captjdl
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Post subject: Reverse Mortg |
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1. we owe no money on our home and if you are married do both partners have to be 62.
2. if the house is only titled in the name of the person that is 62 or older would that home still qualify for the reverse mortg if both partners are living in the home? |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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QinMon
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Post subject: Line of credit withdrawal |
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| My dad has a RM Line of Credit, he withdrew $1,000 and the amount he owed increased by the $1,000 and the Credit amount decreased by the $1,000. This appears to him as if he got $2,000. He wants to know why both amounts changed he would have expected that the Line would decrease by $1,000 and that would have been it. Can you explain this transaction in detail so I can relay that to him. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Your Dad is seeing two things.
The amount he owes consists of equity that has been converted into cash. It will increase every month. You see, every month an interest charge is incurred against his outstanding balance, but it's deferred. So once a month the Lender reserves a portion of his retained equity for the payment, thus increasing the amount he owes on a monthly basis. All of the equity that's been reserved will be converted into cash when the mortgage is paid off.
The Credit Line consists of equity that hasn't been converted into cash yet. So when he took out $1,000.00, he actually converted $1000.00 worth of equity into cash. And when that happened it was added to the amount he owes (in addition to the regular monthly interest charge).
That's why he's seeing it listed twice on his monthly mortgage statement - the Lender is showing him the credit line withdrawal and that its been added to the outstanding balance.
He can also pay down the credit line, and he'd see the opposite effect on his monthly statement if he did that.
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Raymond Denton
www.raymonddenton.com |
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palajo
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Post subject: Equity Loans on top of reverse mortgage |
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| I have a reverse mortgage closed in Nov. 09 for the maximum $625,500. I have a great deal of equity above the $625,500.00. Is it allowable for the reverse mortgage lender to make a second equity loan on top of the insured reverse mortgage |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Your existing Reverse Mortgage Lender won't be able to do it, but other Lenders can. You can get a Home Equity Line or any other type of mortgage. The new financing will be subordinated and in 3rd position, right behind HUD's 2nd place position.
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Raymond Denton
www.raymonddenton.com |
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daughter
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Post subject: reverse mortgage |
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| my parents want to get a loan from their house here in california that is paid off already, they are trying to buy property in texas they also dont live here in california they live in texas they are both retired they also own property in texas. Is this reverse mortgage what they should be looking into? |
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hecmrev
Joined: 10 Oct 2009
Posts: 39
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They can only get a reverse mortgage on the home they live in. A reverse mortgage is a great option for those who are 62 yrs or older who would like to payoff there mortgage or cashout equity.
There has never been a better time to get a reverse mortgage with the lower closing cost that are now available.
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Anthony
Reverse Mortgage Specialist
866-640-5722 ext.123 |
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Zach Boyle
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Post subject: Reverse Mortgage correction |
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To Raymond: What lender will go in second lein with a home equity behind a reverse mortgage?
Also I would point out to captjdl that the under 62yr old spouse isn't protected if something happens to the borrowing spouse, if possible they should wait until their spouse is over the age of 62.
nwreverse.com has a lot of information |
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steve59
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Post subject: end of reverse mortgage |
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I am looking into a reverse for my mother. My sister lives with her and we are concerned about her housing future. When our mother passes how much time is there for my sister to relocate?
Thank you |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Your sister will have to refinance the reverse mortgage if she wants to save the property. The time given by lenders to refinance the property may vary. If the stipulated time is over, then the lender may start off with the foreclosure process.
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Good is the Enemy of Great. |
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