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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: RE: |
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Hello Dave,
The proceeds you get through a reverse loan will depend upon your age, the home value as well as the available rates. So, in your case, one of these factors may not be up to the mark. May be the appraisal needs to verified again. You may hire an independent appraiser and conduct another appraisal on your home. It doesn't seem to be a fraud. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Dave,
I think it is better if you do another appraisal and conform the current value of your home. This will give you an idea whether you are cheated or not. |
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Kally
Guest
0.10 Dollars($)
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Post subject: |
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| My mother has been in hospital in and out for the last few months. Her has a home of our own and receives social security benefits and my deceased father's pension as well as his ss. I stay in her home with my kids and we are about to do a living Will. Her medical bills are going up day by day and she was denied Medicaid also. There is a reverse mortgage in the home in her name only. Now if she passes away, shoulf we have to leave the home? Or do we pay for it? We have actually used up almost the entire money from reverse mortg as the houseneeded some repair and her bills too couldn't be managed by me |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: RE: leave home if reverse mortgage is unpaid? |
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Hi Kally,
Welcome to our forums.
It's sad that you mother is suffering so much. Let's pray for her sound health.
As far as staying on the property is concerned, you can only do so till your mother is alive. After that, if you do not pay off the reverse loan, the lender won't allow you to stay there. And, if your mother moves out to a nursing home or any other property, the mortgage company would stop paying her and call the balance due. This is because the reverse mortgage is such that the borrower gets paid only as long as she stays on the property.
Let's hope something good turns out for you. 
_________________
Mortgage Shopping made easy with booklet |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Kally,
The reverse mortgage was taken by your mother. Now if she passes away, you may have to leave the house provided you do not pay off the loan. |
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orders
Joined: 25 Sep 2007
Posts: 2
1.86 Dollars($)
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Post subject: reverse mortgages |
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My mother is a senior citizen with a home that is paid off free of mortgages in Oakland California and I am thinking of doing a reverse mortgage for her. Do you have any suggestions on how I should go about doing this?
_________________
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome Orders,
I think you should consult a few reverse mortgage lenders and find out what rates and loan programs they have to offer - this is how you pre-qualify. And, then after comparing the monthly payments required by each lender, you can select the lender requiring you to pay the least amount on a monthly basis. Also, you should find out some details on his service background and get confirmed on whether he is reliable enough to deal with.
_________________
Procrastination is the enemy of your financial sucess |
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mwhite
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0.10 Dollars($)
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Post subject: Reverse Mortgage |
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| I owe 69,000 dollars on a mortgage my husband refinanced almost 5 years ago. He is now deceased and I am having trouble making the payment. I only get my SS every month and my house payment is half that. I can barely make ends meet. Please tell me I qualify for this program. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: RE: social security and reverse loan |
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Hi Mwhite,
Welcome to our forums.
I suppose you're asking if you can qualify for the reverse mortgage program. First of all, to be eligible for such a loan, your age needs to be of 62 or above. You haven't mentioned it anywhere, so I can't say exactly whether you meet this criterion.
If your intention is to pay off the mortgage debt using reverse loan proceeds, then that's actually allowed by the lender offering reverse loans.
As soon as you get the loan proceeds, you should pay off any existing debt on the home or else you may be in trouble. As far as social security is concerned, it will remain unaffected when you go for reverse loan.
Check out the Eligibility criteria for Reverse mortgage from a previous discussion on this topic.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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Margaret
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0.10 Dollars($)
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Post subject: Does reverse mtg disqualify for masshealth? |
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| We have transferred all our interest in the home to our three children a year ago. And in return we have received a lifetime tenancy agreement from our children. We are now considering a reverse mortgage and for that we need our property to be deeded back to us. But would that disqualify us for the MassHealth program? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: RE: reverse mtg and masshealth |
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Hi Margaret,
Welcome to forums.
The transfer of the property (involving a life estate) back to parents would not affect their eligibility for the MassHealth assistance at all. However, it may affect the protections that the life estate could have offered in terms of Medicaid estate recovery and other liens.
Thanks |
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Deborah
Guest
0.10 Dollars($)
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Post subject: |
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| I have been staying with my father for the last 12 years ever since my mother has passed away. I am now 24 and my father has to go to nursing home. But he has actually taken a reverse mortgage and right now I am in no position to take over the house. Will the nursing home then take over it? The house is in my father's name. and if that happens, what will the reverse mortgage lender do? In any way, can I take away the home? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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Post subject: RE: can nursing home take away property? |
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Hi Deborah,
Welcome to the forums.
Not informing the lender won't be a good decision after all. This would be treated as a fraud if the lender discovers it. As far as nursing home's getting the property is concerned, I don't think that will happen.
If your father has applied for Medicaid, then as per the rules of eligibility, your father may be able to retain homeownership even if he in under nursing home care.
Take Care |
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david12
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Post subject: is getting a reverse mtg possible? |
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| I own a land with my wife in Arizona. The land is worth $120,000. We purchased the land some 4 years ago to purchase an RV, keep it on the land and save money by doing insurance. I don't think it will be easier for me to cope up with home prices and get much when I sell; so would a reverse mtg be the choice here? Could we buy land with reverse mtg and then after a few years get a loan on the land. ?? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hello David,
You can buy land with reverse mortgage but in order to qualify for a reverse mortgage your age should be 62 years.
Will you be able to manage another loan on the land you purchase? |
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