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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
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Hi Stuart,
You can't have your son co-sign a reverse mortgage program. Reverse mortgage is solely for borrowers who are with an age 62 and above.
You need not pay back the mortgage during your lifetime, but after you if your children wish to keep the house, then they have to repay the mortgage loan.
Blue
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1600
Location: MASSACHUSETTS
149.06 Dollars($)
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Hi Stuart,
Welcome to MortgageFit Forums.
I can understand that you are thinking for the security of your child. But as Blue said, reverse mortgage programs are for senior citizens only and they are meant to help people in the age group of 62 and above who are house rich but cash poor.
With a reverse mortgage program you can take cash amount against the equity of your house and you need not pay it back as long as you stay in the home.
The mortgage becomes due when you leave the house or sell it or after your death. To keep the property at that time your children needs to pay back the mortgage.
Otherwise the house will be sold by the lender to get back the amount. Of course if the amount from a sale is more the loan amount then the excess money will go to your children.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
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Know how to compare lenders with mortgage booklet |
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Bill
Joined: 21 Mar 2006
Posts: 83
Location: Illinois
3.55 Dollars($)
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Stuart,
No. All applicants (ie: co-signers) MUST be 62 years of age or older.
There are no payments to be made on a Reverse Mortgage (payments go in "reverse" of a traditional mortgage). Any Reverse Mortgage will become due once the borrower no longer occupies the property and any family member that will inherit the property will have to either refinance the property or sell the property to pay-off any Reverse Mortgage lien.
Hope this helps!
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Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net |
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Jeanette
Guest
0.10 Dollars($)
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Post subject: reverse mortgage |
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| I have a sister who is contemplating a reverse mortgage. She has no income other than the retirement monies from her deceased husband. How feasible is it for her to take out a reverse mortgage on her property. Does she lose the retirement monies from her husband? |
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mac_7
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0.10 Dollars($)
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Post subject: RE |
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| Your sister need to look all the options before going into the deal. And as far as of loosing the money - No. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: RE: reverse mortgage and retirement money |
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Hi Jeanette,
Welcome to our forums.
Let me assure you that your sister won't be losing if she takes a reverse mortgage. This is a kind of loan where you don't need to show a substantial amount to qualify. And, the best part is that you can pay the initial costs from the loan amount itself.
The costs will then be added to her loan balance which she will have to pay back along with interest when the loan period is over and under certain conditions like if she leaves the property or decides to sell it much before the loan term ends.
Thanks,
Caron.
Last edited by Caron on Mon May 15, 2006 9:34 am |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1772
Location: MICHIGAN
264.77 Dollars($)
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Post subject: RE: |
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Hi,
Your sister won't be losing the retirement monies, at least not in this kind of a mortgage. The costs in reverse mortgage vary from one lender to lender, so she doesn't need to worry, ask her to just shop around and hopefully she will come out with something good.
All the best to her.
Jerry |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: RE: losing retirement money for home loan |
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Hi Jeanette,
Here's something that can really help you - an overview of reverse mortgage. See, it's all about gathering a little knowledge that can surely help us get rid off our worries and make us more happy.
Just go through the section that I have mentioned and I hope all your queries will be answered. Still if you have some other queries, do let us know; we shall try to give you the latest information.
Happy reading!
Thanks,
Caron. |
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george
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0.10 Dollars($)
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Post subject: mortgage percentage |
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| I owe 42,000,and my home is valued at 125,000.I will be 62 in Nov.2008.How much do i qualify for. |
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mac_7
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0.10 Dollars($)
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Post subject: RE |
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For reverse mortgage, your age must be 62 or above. You have got sufficient time to get your self in better financial position by 2008.
You can work upon your credit by the time being. For reverse mortgage, borrowers dont have to worry about too many things as it is available on easy terms. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: RE |
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Hi, george
Welcome to our Community.
Before 2008 you cant get qualified for reverse mortgage, so why not to work on lowering your debts. As you age needs to be 62 or above.
Please go through this article for more knowledge on reverse mortgage - http://www.mortgagefit.com/reverse.html
Adonis
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Procrastination is the enemy of your financial sucess |
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janet
Guest
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Post subject: reverse mortgage |
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my friend is a widow, and she took out a reverse mortgage and is concerned that when she dies her children will have to pay the loan. I say
no, but Im not really sure. Who does pay the loan. She does not want her
children involved. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.93 Dollars($)
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Post subject: RE: Paying reverse mortgage |
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Hi Janet,
Your friend is correct, it's her children who will have to pay off the loan provided they are the heirs to her property after she dies.
For more details on reverse mortgage pay off, kindly visit this section.
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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Shirley
Guest
0.10 Dollars($)
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Post subject: denied reverse mortgage |
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| After going thru 3 weeks of paperwork, home appraisal, etc., FHA turned me down because across the alley from my home and down a slope is a convenience store with 2 gas pumps. Is there any other source other than FHA/HUD to get a reverse mortgage? Thank you very much. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.93 Dollars($)
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Post subject: RE: Reverse mortagge lenders other than HUD |
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Hi Shirley,
You don't need to worry if HUD has disapproved your reverse mortgage. There are several private lenders and mortgage companies offering reverse mortgages, that too, at favorable terms and conditions. So you won't be having any problem in finding one.
Even our Community has good relations with a group of lenders offering a variety of mortgage programs. So, you can always get some help from any of these lenders.
But for that, please go for a no obligation free loan sign up so that we can send your request to our Loan Department and they will co-ordinate with the lenders and help you in their best possible way.
You may also browse through our Directory of Ranked lenders if you wish to select yourself the lender as per your requirements.
Wish you all the best.
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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