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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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 Posted: Wed Nov 07, 2007 10:41 am Post subject: Tony Golden |
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Hello All,
I just wanted to correct something I said in my previous posts.
A life estate can be in place when getting a reverse mortgage as long as the terms of the life estate give full power to obtain a mortgage.
So read the terms of the life estate to determine your individual situation. If all parties agree the life estate can be changed to all full rights to mortgage the property.
And as always consult with an attorney.
Sorry for the lack of clarity. Even I get behind on the updates.
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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Mac_7
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| Posted: Thu Nov 08, 2007 12:23 am Post subject: |
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| Thanks for the info tony. So this is how it goes. A person staying is a property with a life estate along with a co-owner can take out a mortgage but the co-owner has to be 62 years or above even if he is not on the loan. A property wherein co-owners are both 62 and above can be taken as collateral for reverse mortgage but it is not necessary that both owners should have their names on the loan. |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Thu Nov 08, 2007 4:24 am Post subject: Tony Golden - Mac_7 |
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Hi Mac_7
Iknow it can get confusing.
The best way to look at it is that anyone that is on the deed as ownership of that property must qualify for the reverse mortgage. That being 62 or older. If a life estate is involved, that agreement must state that the person with the life estate has full rights to mortgage the home.
Bottom line if the investor/bank is protecting an investment. They want to be able to collect on the mortgage at the end.
I hope that explains it a little better. It is difficult to give a general answers with out looking at the individual facts.
Nomatter how you look at it. Who ever claims ownership of the property is responsable for paying back the mortgage. May it be by being on the mortgage or being granted the property whenone dies.
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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Marlyn
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| Posted: Thu Nov 15, 2007 3:01 pm Post subject: Reverse Mortgage for Mobile Home in Park |
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| Who does reverse mortgages on mobile homes in parks and how can I contact them? |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Thu Nov 15, 2007 7:10 pm Post subject: Tony Golden |
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Hello Marlyn,
There are many factors that go into the qualifications for a reverse mortgage. The program is available for mobile homes. It doesn't matter if it is a park or not but you must own the land that the mobile home is on.
Do you own the lot the home is on ?
What is the age of your home ?
Do you have a mortgage on the home at this time ?
There will also need to be an engineering inspection on the foundation and set up of the home. There are many factors to consider and review so please do not commit to doing a reverse mortgage without fully looking into all of the factors to consider.
If you wish you can contact me at the links below and i will help you determine if doing a reverse mortgage is to your benefit. You are also able to submit your details to the this forum.
Regards
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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Jonny
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| Posted: Fri Nov 16, 2007 2:17 am Post subject: the factors to consider to qualify for the reverse mortgage |
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Hello Tony,
Can you please explain me what are the factors to consider to qualify for the reverse mortgage on mobile homes in parks?
Thanks in advance,
Jonny |
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adonis
Joined: 22 Oct 2005
Posts: 1157
Location: ALASKA
93.27 Dollars($)
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| Posted: Sat Nov 17, 2007 4:09 am Post subject: |
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well Jonny, I think they are the same as for any property.
_________________
Procrastination is the enemy of your financial sucess |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Mon Nov 19, 2007 7:16 am Post subject: Tony Golden - Jonny |
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Hello Jonny,
Sorry for the delayed response.
The up front items to consider is the fact that you need to own the land that the mobile home is on. It has to be recorded as real estate and you are paying real estate taxes on the land and home.
I believe that pre 1976 does not qualify so if your home is after 1976 then you are ok in that respect.
The biggest difference we find with mobile homes is the foundation inspection. The home needs to be properly set and tied down. There is a 500 page manual that HUD follows as a guideline. HUD requires the home be inspected by an engineer before doing anything with the mortgage.
I always recommend doing a reverse mortgage analysis to see if the mortgage will offer you the financial benefit you are looking for. If it serves a beneficial purpose then we to review the foundation concerns if any.
The most common issues are to have concrete pads underneath each pier. Many times if the support structure of the home does not meet the standards, then you can get estimates of the cost of getting it to regulations and pay for the repair out of the reverse mortgage proceeds.
You will also need to consider well and septic locations if being used
There are a lot of parts when it comes to a reverse and hard to explain all of it this way. If you see the reverse helping you with your financial needs you can submit a request to the forum administration for contact me on my links below. Either way someone can help you determine if your individual situation will work for you. Determining the benefit and the ability to qualify is the main think you need to do before committing with anyone on processing the loan. You have no obligation to de the loan and can walk away at anytime up to 3 days after closing the deal. The concern you would have is money spent on inspections and appraisals. So gather the facts and determine if it is worth moving forward.
I hope this helps. Please let me know if I can assist you any further.
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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Jonny
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| Posted: Mon Nov 19, 2007 10:23 pm Post subject: |
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Hello Tony,
Thanks for your time and the helpful information. |
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Guest
0.10 Dollars($)
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| Posted: Tue Nov 20, 2007 10:26 pm Post subject: |
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Hello Tony,
I have a mobile home of 1974 model. You have said "I believe that pre 1976 does not qualify so if your home is after 1976 then you are ok in that respect." Shall I not be able to qualify for that model of 1974 mobile home for the reverse mortgage? |
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Cynthia
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| Posted: Sat Nov 24, 2007 4:59 am Post subject: |
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| My parents have received a reverse mortgage on the home and it's my understanding that the loan should be paid back when the borrower moves or passes away. My father has passed away but currently my mother is staying in the home for now. Can any of the heirs, either me or my brother put our names on the deed so that we don't have to pay the loan until the heir sells the property. I would have asked the lender but they don't often give straight answers. |
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Jonny
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| Posted: Sat Nov 24, 2007 5:38 am Post subject: |
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Hello Cynthia,
I think if you pay the lenders back, you will own the house. But if you don't pay them the lender will possess the house after you mother's death. If you wish to own the house, you can try to refinance and pay the lenders back. |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Sat Nov 24, 2007 6:29 am Post subject: Tony Golden |
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Hello Guest,
Sorry for the delayed response. The current cut off date for mobile homes is 1976. So a home built in 1974 will not qualify for the reverse mortgage.
Sorry to say
Best regards
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Sat Nov 24, 2007 6:40 am Post subject: Tony Golden - Cynthia |
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Hello Cynthia,
Jonny unfortunately is misguiding you.
According to your post both your parents have taken out the reverse mortgage and your mom and dad where on the deed at the time.
If that is the case, although your father has passed away you mother is eligible t live in the home the rest of her life or until she decides to sell.
The reverse mortgage will stay in place for her benefit. When the time comes to pay off the loan you typically have 6 month to a year to do so. This usually done by putting up for sale. The only time you or your brothers will have to take a loan out to pay off is if you want to keep the home for personal use.
The lender does not take possession of the home. Jonny is completely wrong and should not be making such comments. If your mother was involved with doing the reverse mortgage from the beginning then she continues to have the benefits. If she was not then she can still do a reverse herselfe if she is 62 and wanting to do so.
I hope this helps
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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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Sat Nov 24, 2007 6:46 am Post subject: Tony Golden-Jonny |
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Hello Jonny,
The information you have given Cynthia is inaccurate. I have also read a couple of your other posts in regards to reverse mortgages.
Please do not make statements or comments if you are not sure of what you are saying. The people that come here are looking to accurate answers to their questions not more confusion to the situation. If you do not know the facts then do not comment on them.
The lender does not take possession of the home after one's death. The reverse mortgage is a non- recourse loan. Do you know what that means ??.
Please stop giving inaccurate details to the people asking questions.
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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