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BevH
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0.10 Dollars($)
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Post subject: Sale of Home |
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| Can you sell your home with a reverse mortgage on it? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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yes...the loan would simply be paid off at the time of sale.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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vickie
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0.10 Dollars($)
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Post subject: reverse mortgage |
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| How can you make monthly payments on your reverse mortgage to pay down the debt? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome vickie,
As far as I know, once you no longer live in your house or if you sell your home, then you or your estate will repay the mortgage along with the interest and closing costs. If you want to start paying off the debts now, you need to contact your lender and discuss your options.
_________________
Procrastination is the enemy of your financial success |
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elle
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0.10 Dollars($)
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Post subject: 2nd reverse mortgage |
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| If someone gets a reverse mortgage based on the current value of their home and has it for 10 years, is it possible to pay it off and get a new reverse mortgage based on the increased value of your home? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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that sounds reasonable, elle...if i get a chance to check into it, and find out for certain, i'll keep you posted.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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sue b
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0.10 Dollars($)
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Post subject: what if your house sells for more |
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| what if your house sells for more than you recieve from the reverse mortg |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi
If your house sells for more than the reverse mortgage amount owed on the property, the reverse mortgage including interests and closing costs will be paid off first and the excess money will go to you or your heirs. |
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excitingguy45
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0.10 Dollars($)
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Post subject: What happens upon the death of a reverse mortgage holder. |
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My wife's dad passed away 1 1/2 years ago and he had a reverse mortgage. We faxed over the death certificate to the reverse mortgage companygiving them full rights to the property since it is worth less money now. Then about 8 months ago we faxed to Bank Of America her dad's death certificate stating he had a reverse mortgage and we do not want the house. Now in the mail we receive an attorney's letter that they are suing the family for the money owed. The only name on the title was her dad's name. He had no money in his estate. How can we be repsonsible or is this something they have to do before foreclosure.
What do we do? I appreciate your help. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi excitingguy,
If your father in law is the only person on the title and he had a reverse mortgage on the property, upon his death the property would be sold to pay off the reverse mortgage. If there is any excess amount that would go to the heirs. But there is no way the heirs could be held responsible for the deficient amount arising out of the sale of the property. Thus I think this is just a routine process before they foreclose on the property. However, you can always consult an attorney if you have any doubts. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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i'm not sure just how "routine" this is, but you need not be held at fault for a debt that your now-deceased father in law incurred on his own, using his own property as collateral.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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mustang01
Guest
0.10 Dollars($)
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Post subject: Reverse mortgage |
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| What speciifically needs to be paid back? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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mustang, what would need to be paid off is the mortgage - the amount of money advanced to whoever is the borrower.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Janet Seidel
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0.10 Dollars($)
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Post subject: |
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| If an adult child lives with a parent in a home on which there is a Reverse Mortgage, and the parent dies, must the adult child move or pay off the Reverse Mortgage |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Hi Janet,
If there is a reverse mortgage on a property and the parents die, the mortgage has to be paid by the their children living in the property. If they cannot afford to pay off the debt, the lender will sell off the property to satisfy the reverse mortgage amount.
Thanks,
Jerry |
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