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Nana
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0.10 Dollars($)
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Post subject: I am retired,with Pension,social security and no savings. |
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| My daughter is in debt and needs money, creditors are after her, and I wondered if it was wise for me to get a reverse mortgage on my house to help her out. I do now have a low income senior citizen loan when I had to put in a new furnace, home is 25 yrs old in good shape. loan is 3500. My home is worth $96,000. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Hi Nana,
You may take a reverse mortgage to help your daughter but you have to clear the outstanding debt that you already have.
You can do it with the proceeds of your first installment. Some of the things that you need to consider here are that by taking a reverse mortgage you are going to put your home at risk.
If your heirs are not able to pay the mortgage after you then they are going to lose your home. Also, you must own your house as your main residence so that the mortgage doesn't need repayment during your lifetime.
If you feel you are ready with these conditions, then you can go ahead and take a reverse mortgage program.
James |
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Angel
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Post subject: |
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Hi Nana,
This is a decision that you have to take on your own. As you know that after the last surviving borrower, mortgage needs to be paid back by their heirs in order to keep the house.
Otherwise the house gets sold to pay off the mortgage. If the requirement of your daughter is giving too much trouble and there is no other way to help her out then you can think of helping her with the program.
You will be able to get a reverse mortgage once you are above 62, but the other conditions need to be maintained so that it doesn't become due in your lifetime.
Angel |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1597
Location: MASSACHUSETTS
148.36 Dollars($)
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Post subject: |
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Hi MS. B,
Welcome to MortgageFit Forums.
Reverse mortgage doesn't depend on whether you are on a job or not. The basic requirement to avail this program is that you have to be 62 and above in age and must possess a home.
So, if you fulfill these basic requirements you can qualify for a reverse mortgage.
Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha |
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johnny blair
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Post subject: reverse mortgage |
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my wife is 63 and ownes her on home, she owes 114,000 but is thinking about selling it because she cannot afford to make the 900.00 house payments, i have been talking to her about a reverse mortgage but i know very little about them. House valued at about 165,000, 4 years old.
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1597
Location: MASSACHUSETTS
148.36 Dollars($)
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Post subject: RE: |
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Hi Johnny,
Welcome to MortgageFit Forums.
Let me tell you that your wife need not worry much on this issue. I know that it concerns her home but the important thing to think positively. Only then can she make the right decision as a lot of money is also involved here.
Your wife can very well go for a reverse mortgage but she needs to pay off the loan that she owes first. But since it won't be possible to make the payments, so she can pay off the old debt with the proceeds of the money that will be offered through the reverse mortgage.
Since your wife is 63 years old, she can qualify for a reverse mortgage provided she satisfies all other criteria. And, her property value seems to be higher than what she owes. So I think she can easily get rid off the previous loan.
Please visit our section on Reverse mortgage for further knowledge and information.
God bless you.
For MortgageFit,
Samantha.
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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Based on some quick math and your wife's age and the values presented it would not appear that your wife will qualify for a reverse mortgage. There may be some other forward loan available to reduce the monthly payment. You should probably speak with a broker to see if there are other options.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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Bill
Joined: 21 Mar 2006
Posts: 83
Location: Illinois
3.55 Dollars($)
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After reading though this thread I thought a little Reverse Mortgage overview could be helpful.
A Reverse Mortgage offers seniors 62 years of age or older the ability to retain their personal and financial independence by combining mortgage and debt consolidation payment savings with monthly income - realizing real financial flexibility!
Unlike a traditional mortgage where the borrower makes payments each month, Reverse Mortgages provide payments to the borrower - in effect "reversing" the direction of the mortgage payments.
Reverse Mortgage loan programs receive high praise from sources such as AARP, FHA, Fannie Mae and countless national media sources ... and for very good reasons!
Top Reasons to Obtain a Reverse Mortgage:
1. Never Make Another Mortgage Payment
2. "Tax Free" Income via Monthly Payments, or a Lump Sum Payment, or a Line of Credit (or any combination of the three)
3. You Still Own & Live in Your Home
4. No Restrictions on Use of the Money
5. No Income, No Medical and No Credit Qualifications
6. All Remaining Equity is Yours (or your heirs) To Keep
7. No Debt will be Passed onto Your Heirs or Family Members
8. Possible Greater Net Worth after repayment Reverse Mortgages are only available to seniors 62 or older and in the case of a married couple, both borrowers must be at least 62 at the time of application. Reverse Mortgages are only available on HUD/FHA recognized real estate (ie: no mobile homes sitting on wheels). The home must be occupied by each borrower as their primary residence and the mortgage comes due under all circumstances where the borrowers no longer live in the home.
Reverse mortgage terms are conservative by nature due to the fact that the lender will be holding the loan for an undetermined amount of time and the ultimate sale or refinance of the property must produce enough money to repay the loan + interest and fees. For this reason, the maximum allowable Reverse Mortgage loan-to-value depends on the age of the borrower and the equity remaining in the home. For these reasons, a 63 year old home owner with a current mortgage of more than 70 percent of their home’s value will not qualify for a Reverse Mortgage being as they more than likely will remain living in the home for many, many years to come without sufficient equity to repay the total loan.
Reverse Mortgages do have higher fees than many traditional mortgages so careful consideration is prudent … this is one reason why borrower counseling is a mandatory part of the loan process.
And finally, the only way to determine a borrower’s ability to qualify for a Reverse Mortgage based on age vs. equity while getting a comprehensive quote on the fees and terms is to apply with an approved Reverse Mortgage lender.
I hope this helps!
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Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Post subject: RE |
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Bill, Excellent, fantastic points. 
This overview will help many. Rather I will ask sam to make it a new article so that it can be added into the reference section, infact you can do the same. Doing this will help others to locate this article easily. What do you say 
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Good is the Enemy of Great. |
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Bill
Joined: 21 Mar 2006
Posts: 83
Location: Illinois
3.55 Dollars($)
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Post subject: |
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Thanks Niicss ... I would be honored if Sam puts this 'overview' where it will do the most good for those seeking Reverse Mortgage information.
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Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Post subject: RE |
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Why not Bill, niicss has given a great idea. That would be excellent if someone effort are getting recognized by the community.
I will also vote for you Bill.
Adonis
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Procrastination is the enemy of your financial sucess |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE |
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Thanks Niicss for the idea and Adonis for supporting Bill. This community is really on the way of becoming a family. It's a good sign for all of us.
Thanks
Caron |
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Winnie Donat
Guest
0.10 Dollars($)
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Post subject: Reverse Mortgage |
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Hello: I'm a Broker and have a client who is 72 and wife 77 who have equity in home in N.Y. They want to take out a reverse mortgage to purchase a second home in N.C. Is there anyway you can give me name of lenders who will do this. Their credit is "excellent". Thanks, looking forward to hearing from you a.s.a.p. Winnie
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE |
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Hi, Winnie
Welcome to the forums.
As a moderator of MortgageFit Community, I would like to invite you become our community member. Our community will surely be benefited from your services and knowledge.
For your loan request, what I can suggest you is, you can signup for a loan request with as at http://www.mortgagefit.com/signup/
Once you signup, our Loan Department will get in touch with you and then you can proceeds the things from there.
Hope to see you as our community member.
Thanks
Caron |
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Stuart Cooper
Guest
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Post subject: Reverse Mortgage |
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Can there be a co-signer for a reverse mortgage, such as a child who might stand to inherit the property? Is that legal? Would that person be obligated to make the payments?
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