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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: RE: |
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Hi Shirley,
In case you are going for a reverse mortgage, please go through the details here, as acquiring some amount of knowledge on this topic will always help you in the loan process.
Do let us know if you have further queries.
Thanks,
Caron. |
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Faye
Guest
0.10 Dollars($)
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Post subject: Question? |
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| my mother is 76 y/o, owns her home, widow and is struggling on $800/m. She lives in Houston, TX. Someone suggested "reverse mortgage" and indicated the state would own the home once she met her demise and the debt is satisfied in this manner. Is this true? |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: |
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Hi Faye,
Your mother can qualify easily for a reverse mortgage program as she is above 62 years of age (the minimum age required to qualify).
Reverse mortgage is meant for house rich and cash poor borrowers. The borrower can get the money against the equity of her home under this program if he/she is having a house.
The loan in not required to be paid back in her lifetime unless your mother sells her home or stops using the home as her primary residence.
After death the loan become due and it passes to the lender who normally sells it to recover the money. As an heir you can keep the house if you want but for that you need to pay the loan amount to the lender.
Feel free to ask for more queries.
James |
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FAYE
Guest
0.10 Dollars($)
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Post subject: Question? |
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I have just been advised to look into "reverse mortgage" for my 76 year old mother. She struggles to live off of $800/month. She owns her home and there are no "hidden" lien holders. I was told the home is take as pay off if one received a "reverse mortgage" the home would become that of the lenders in the event of the consumers demise. Is this true? Also, is reverse mortgage available in the state of Texas?
Thank you, in advance.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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Post subject: reverse mortgage question |
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Hi Faye,
Welcome to MortgageFit Forums.
I can feel her problem. Now as James said that reverse mortgage program is meant for the senior home owners and your mother can avail this program to come out of her financial troubles.
It's true that in this program the loan is given against your home and the borrower need not pay back the money during her lifetime. The lender recovers that money after the death of the borrower by taking possession of the home.
The mortgage also become due if the borrower moves out of the home or sells it. In that case the lender needs to be paid off the loan amount. Other than these reasons a borrower will not have to pay back the money to the lender.
After your mother's death you can keep the house with you if you can pay back the mortgage. Otherwise the home will pass to the lenders.
Reverse mortgage is also available in Texas since November 2000. One more information I would like to give you is that in granting a reverse mortgage the lender doesn't look into the borrower's credit score or income.
You can shop around for the reverse mortgage program with diferent lenders in your area. If you want you can also take the help of MortgageFit Community to help you find an appropriate lender.
For that you can do an obligation free loan sign up with us. Once you signup, your details will be processed through our system by the MFCare Department. The department officials will negotiate with the lenders and try to find a perfect deal that matches your requirements and inform you as soon as possible. We respect your privacy and we take care of it sincerely.
Here, you can get some idea on how we follow through after you sign up with us.
Feel free to contact us if you have any more doubts. We will try to help you in the best possible way.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Cathy O.
Guest
0.10 Dollars($)
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Post subject: when my parents die or are placed in a nursing home. |
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| Mother and Dad want to stay in their home, which is totally paid off, for as long as possible and have caregivers come into their home. This is what their reverse mortgage money will be spent for. When they die or are place in a care facility, how is the reverse mortgage paid back ? Is the entire loan amount paid back ? |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: |
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Hi Cathy,
In a reverse mortgage no monthly payment is due while it is outstanding. It will become due after the last surviving borrower among your parents dies.
The whole amount become due at that time but the amount owed can never exceed the value of the home. Normally the home is sold to recover the money or you may pay off the amount to keep it.
If the home is sold and the amount thus obtained exceeds the amount owed then the excess amount goes to you as their heir.
James |
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johngriff
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Post subject: PAY BACK |
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| In the reverse mortgage program, after you die/move out--is the entire amount due immediately from the heirs before it is sold, or is there a repayment plan option. or does that depend on the guidlines within each loan contract |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1606
Location: MASSACHUSETTS
150.38 Dollars($)
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Post subject: PAY BACK |
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Hi John,
Welcome to MortgageFit Forums.
Every loan programs follow the guidelines mentioned in the contact. Normally if the last surviving borrower of a reverse mortgage program dies, the loan becomes due and the house is acquired by the lender who generally sells it off to recover the loan amount.
But the heirs can always talk to the lender if they wish to keep the house. In that case the loan amount needs to be paid off to the lender.
If the lender sells the house himself and there is any excess amount obtained from the sale proceeds, then the heirs are eligible to get that excess amount.
Feel free to ask if you have more queries or doubts.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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dottie
Guest
0.10 Dollars($)
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Post subject: which is better, reverse loan or a bridge |
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| my son put money on a house for me in a state where he lives - because of health reasons i moved into the house of which is not to my liking and have a mortgage on it , i would like to find one and have put this one up for sale - have equityof about 25,000 to either stay in this house and fix it or get a bridge loan , and find another home to live in, i,m 83 live on 1,300 a month- which is better for me - reverse or the bridge, thank you |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: RE |
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Reverse is good, as as you age will allow to have it. And the best part is you will enjoy several benefits too.
_________________
Procrastination is the enemy of your financial success |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 819
Location: OHIO
211.17 Dollars($)
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Post subject: RE: Reverse mortgage or bridge loan |
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Hi,
A reverse mortgage will be the better option for you as far as your age is concerned. Also, you don't require paying monthly installments until and unless you sell off the property with the reverse mortgage. Besides, this kind of a home loan has several advantages for the seniors.
For more knowledge on this home loan, please click here.
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: California Reverse Mortgage Bill against predatory lending |
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The California Governor, Arnold Schwarzenegger has recently signed a bill in order to protect reverse mortgage borrowers from predatory lenders. Under the new law, customers should receive counseling from counselors approved by the Department of Housing and Urban Development prior to the loan closing.
The law coming into effect on Jan. 1, 2007 states that lenders will no longer require customers to take out an annuity as one of the conditions of the loan. The law also makes it mandatory for lenders to translate the loan document into Spanish, Chinese, Korean and other foreign languages provide the terms and conditions of the agreement are negotiated in that language. |
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vijay
Guest
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Post subject: HOME GOES TO WHOME. |
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| AFTER REVERSE MORTGAGE HOME GOES TO WHOME. IS IT TO THE BORROWER OR THE BANK WHICH OFFERS REVERSE MORTGAGE. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: RE: What happens to home after reverse mortgage |
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Hi Vijay,
When you take a reverse mortgage, you still remain the owner of the house just as in any other traditional home loan. You need to make payments for the property taxes, homeowner insurance and for property repairs. After the loan is over, you or your heirs must pay off all the cash advances along with interest. Most well-to-do lenders will not want your house as they are interested in the repayment.
Thanks,
Caron. |
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