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jenkin7
Joined: 04 Jun 2007
Posts: 858
127.02 Dollars($)
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 Posted: Mon Oct 22, 2007 1:17 am Post subject: |
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Hello David,
You can buy land with reverse mortgage but in order to qualify for a reverse mortgage your age should be 62 years.
Will you be able to manage another loan on the land you purchase? |
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Peter Jones
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0.10 Dollars($)
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| Posted: Fri Oct 26, 2007 11:57 pm Post subject: Can i take out reverse mortgage without informing co-owner |
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| I am in NewYork. My father is ill and he needs to go for nursing home care. He has had a divorce from my mother and now if he has to go into nursing home, I'll have to take out a reverse mortgage to pay for his nursing home costs. But my mother's name is also on the deed. so can I do the reverse mortgage without taking her consent? She's greedy and is likely to take away her share of property instead of helping me pay for my father's ill-health. |
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larry
Joined: 27 Jun 2007
Posts: 2473
327.54 Dollars($)
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| Posted: Sat Oct 27, 2007 1:49 am Post subject: |
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Hi Peter,
If your mother doesn't want to give her share of property, you can't do anything about it. You should take your mother's consent to take reverse mortgage. If you have good equity, you can try for refinance also.
Thanks,
Larry |
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Anderson
Guest
0.10 Dollars($)
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| Posted: Thu Nov 01, 2007 11:20 pm Post subject: |
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| My name is not on the title, neither am I the borrower of the house. Should I pay it back when my father passes away? Is there a possibility that the government or ban k will come after me? |
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larry
Joined: 27 Jun 2007
Posts: 2473
327.54 Dollars($)
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| Posted: Fri Nov 02, 2007 12:09 am Post subject: |
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Hi Anderson,
I think your father has taken reverse mortgage. So I would like to know if you are the only heir of your father. In that case, if you pay back the mortgage you will own the property. But if you do not pay back, they will take away the property. But they will not come after you or sue you in the court.
Thanks,
Larry |
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jenkin7
Joined: 04 Jun 2007
Posts: 858
127.02 Dollars($)
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| Posted: Fri Nov 02, 2007 12:45 am Post subject: |
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Hello Anderson,
If you own the property after your father passes away then you are responsible to carry out all the financial liabilities.
If your father has taken a reverse mortgage then you will have to pay if off after your father passes away, if you are willing to own the property. Otherwise the lender has the rights to the property. |
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unlucky me
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0.10 Dollars($)
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| Posted: Mon Nov 05, 2007 1:45 pm Post subject: can a life estate on a quit claim deed do a reverse mortage |
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| I was given a quit claim deed with the person retaining a life esatae w/the right to sell. can he do a reverse mortage and hold me responsible? |
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jenkin7
Joined: 04 Jun 2007
Posts: 858
127.02 Dollars($)
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| Posted: Tue Nov 06, 2007 5:57 am Post subject: |
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Hello Unlucky,
A person having a life estate will have all rights to the property till he is alive. So, he can do a reverse mortgage and that need not be paid off until he passes away. You as the grantee will receive the property after his death and then if you want to retain the property, you will have to pay the mortgage off. |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Tue Nov 06, 2007 11:18 am Post subject: Tony Golden |
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Hello Unlucky,
I'm not sure if your situation is clear. I am also not sure if jenkins7 is correct in the advise given. To do a reverse mortgage the person responsible is the person on the deed. If you hold the deed alone. then the reverse can only be done by you. The banks will not allow the other person to do a reverse without being on the deed.
Are both of you on the deed?
If you both are on the deed and you are not 62 then again the reverse will not proceed. You have ownership rights and that needs to be considered.
I would consult an attorney on the status of your legal situation.
More details will be helpful
Regards
Tony G
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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jenkin7
Joined: 04 Jun 2007
Posts: 858
127.02 Dollars($)
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| Posted: Wed Nov 07, 2007 3:15 am Post subject: |
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Hello Tony,
If the grantor quit claims the entire property and also has a life estate, the grantor still has all rights to the property. He is liable to pay the taxes and make all other payments. The grantee becomes the owner only when the grantor passes away.
In that case, is it not possible for the grantor to take a reverse mortgage? |
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Mac_7
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| Posted: Wed Nov 07, 2007 5:12 am Post subject: |
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| Tony, do you mean to say: if there are two persons on property and both are co-owners, only one of them cannot apply for reverse mortgage. Both have to apply and can only qualify for it if both are aged 62. Is that what you mean?pls clarify |
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Adams
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0.10 Dollars($)
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| Posted: Wed Nov 07, 2007 5:16 am Post subject: Can u sell reverse mortgage and still have your name on loan |
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| My aunt who's retired now wants to give me her reverse mortgage of balance $25,000 so that I keep paying for her mortgage on a monthly basis. But is that possible that pay on her behalf, will the lender agree? Does it happen that I pay for her loan and title of the property remains in her name? |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Wed Nov 07, 2007 6:21 am Post subject: Tony Golden - For jenkin7 |
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Hello Jenkin7,
What I am reading from Unlucky is not completely clear. I would recommend unlucky to seek professional advice in regards to the contracts in place.
Based on my knowledge and understanding a quit claim is very useful to transfer ownership from one party to the other who are already on the deed. Husband to wife or to kids etc. The grantor may not even have full ownership to give away to unlucky. Without doing a full title search the quit claim may not be enforceable.
This situation sounds like it is a business transaction with the stipulation that the grantor can use the property until he passes. That would be the life estate.
The bottom line is that a reverse mortgage will only be approved if the ownership requirements are met. That means anyone that is on the deed, title or has ownership interest must be 62 or older, living in the home as a primary residence. This is the only way the bank doing the loan as an investor can protect their interest and limit their risk as they will not receiving payments on a monthly basis allowing them to limit there risk.
So in my understanding of this situation. The quit claim gave ownership to unlucky either in whole or as part ownership. Either way unlucky has been granted some type of ownership of this property.
If unlucky is not living there and his name is on the deed, even if he is 62+ the reverse will not transact.
In my understanding, the grantor of the quit claim has signed over rights in one legal contract to unlucky...then in another legal contract unlucky is allowing the grantor to have use of the property until death. To me and please clarify...unlucky owns the property or has ownership rights.
I hope this helps
Tony Golden
This post does not intent to give legal or direct advice. These comments are of my own personal opinion. Seek legal advice before acting.
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Wed Nov 07, 2007 6:35 am Post subject: Tony Golden - For mac7 |
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Hello mac_7,
Thanks for the question.
To answer your question.
A Reverse Mortgage is more of a loan on the property then a loan on the borrower. In order to grant a mortgage on the property everyone with ownership must agree and qualify by age to do the reverse.
So if you have a co-owner situation, everyone on the deed must be 62+ and living in the home as part of the qualification.
Many times we have home owners where one is 62 and the spouse is 58 etc. The reverse mortgage will not proceed unless the younger party removes themselves from the deed. That is a big decision as that leaves the spouse without present ownership and will have to be granted ownership in the will etc.
Even if you have 2 people that are 62 and have ownership rights but only one lives in the home, the non resident must be removed from title or move in to qualify.
I hope I answered your question, if not let me know and I will explain further.
Regards
Tony g
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Wed Nov 07, 2007 6:43 am Post subject: Tony Golden - For Adam |
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Hello Adam,
I am a little confused by your question. Please clarify.
If your Aunt has a Reverse Mortgage then there are no monthly payments to be made.
Are you sure she has a reverse on the home?
Also she is not able to assign the reverse mortgage to anyone. If she is wanting you to have use of the property then you will have to use it together.
If she truly has a reverse mortgage then it will become due and payable if she is out of the home for more then 6 months.
I don't want to confuse the issue without clarification. Your comment on making payments is confusing as there is no monthly payment requirements on a reverse mortgage.
Please explain more so I can help you with your question
Regards
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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