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bob meikle
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0.10 Dollars($)
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Post subject: reverse morgage to pay off a current loan |
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| I Am a retired builder and built our dream home for my wife. It is worth or was worth $ 680k and i owe $396k. Thing went well and what a wonderful place to have all the family come stay or run spiritual retreats. # years ago My wife Rev Jan got Ahlzimers and the medical bills piled up to $35k. My question is with the Bill HR 3221 setting the cap to $625k is there anything that i can do with a Reverse morgage? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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Hi bob,
Welcome to forums.
I guess yours is an appropriate situation to take out a reverse mortgage. Given the debt you owe and the medical bills you need to pay, I guess you can go for it. You need to start loan shopping. While you do so, the lender will be able to give you an estimate of how much you can borrow.
Let me know if you have further queries.
Take care |
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Connie
Guest
0.10 Dollars($)
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Post subject: |
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| I am 64 and my husband is 80, We own are home. It is paid for in full and it's value is 200,000.00. Do you know what kind of money we would qualify for. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1611
Location: MASSACHUSETTS
150.85 Dollars($)
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Post subject: |
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Well, I believe you can qualify for reverse mortgage as both your husband and you are above 62 years. The best thing is that you don't have any other obligation on the home. So, you can fully utilize the reverse mortgage loan proceeds.
I suggest that you check out the information on reverse mortgage so that you're well aware of what you're going for.
may god bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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brian1
Community Expert
Joined: 14 Jun 2008
Posts: 361
Location: Northern California
0.65 Dollars($)
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Post subject: |
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Connie you would qualify The amount of money available is based on the life expectancy of the younger borrower. It probably would not be a whole lot monthly but maybe an additional 300-400 for the rest of your life or as long as you live in the home. It can be a great bump for someone living on retirement. You also have the option to look at a lump sum one time pay out
_________________
Licensed Broker 50 states
http://www.aimwithfocus.com
Need quick advise email or PM Glad to help |
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linda
Guest
0.10 Dollars($)
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Post subject: reverse mortage |
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| my husband and i own our home and would like to do a reverse he is working in a another state but lives in our home 195 days out of the year would we still be able to do a reverse |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2174
Location: MICHIGAN
342.81 Dollars($)
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Post subject: |
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Hi linda!
In order to get a reverse mortgage, there are various criteria which one needs to fulfill. The person taking the reverse mortgage should be 62 or more years of age and the property should be your primary residence. If your husband can prove that the property is his primary residence, then he can qualify for the mortgage. However, you should remember that if your husband is not living in the property for an extended period of time, then the loan will become due.
Thanks,
Jerry |
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jdelancey715
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0.10 Dollars($)
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Post subject: widow |
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| can a widow age 60 get a reverese mortgage |
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Niicss
Joined: 03 Oct 2005
Posts: 4110
Location: New Jersey
400.49 Dollars($)
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Hi jdelancey,
A person can get a reverse mortgage only if he/she is 62 years of age or above. So in that case a widow of 60 years of age will not qualify for a reverse mortgage. To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
Thanks.
_________________
Good is the Enemy of Great. |
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someone in tx
Guest
0.10 Dollars($)
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Post subject: Mothers Situation |
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My father passed away in Feb of 08. My mother and he had just bought a towm house in PlanoTX. She barley has enough to make it each month, but doesnt have much equity in her "newish" town home. Is it possible to for her to get a reverse mortgage?
Thanks!~ |
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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Post subject: |
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Welcome Guest,
If your mother is 62 years old, then she may apply for a reverse mortgage. But as far as I know, the property on which she takes the reverse mortgage has to be her primary residence. To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
_________________
Procrastination is the enemy of your financial success |
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danmac
Guest
0.10 Dollars($)
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Post subject: reverse mortgage |
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| Is there any length of time you must have lived in a primary residence to quality for a reverse mortgage? |
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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Post subject: |
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As far as I know, in order to get a reverse mortgage you should own the property and it should be your primary residence. Moreover, you should be 62 years old or more in order to get a reverse mortgage.
To know more about reverse mortgage eligibility, check out the given page:
http://www.mortgagefit.com/reverse-eligible.html
If you wish to know about reverse mortgage in general, check out the following link:
http://www.mortgagefit.com/reverse.html
_________________
Procrastination is the enemy of your financial success |
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Misty
Guest
0.10 Dollars($)
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Post subject: Reverse Mortgage |
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| We have a reverse mortgage on our town house. My question is: if, at the time we leave due to illness or death, the property will not sell at all - or will not sell for what the mortgage balance is at the time - due to the decreasing value of real estate - and there is not enough money in the estate to pay it off - what happens then? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6933
Location: Nevada
475.17 Dollars($)
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Post subject: |
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Hi Misty,
If you leave the property without intending to return in the near future, the lender will call the mortgage due immediately. You will have to clear off all the dues of the lender while leaving the property.
Thanks |
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