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jh
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Post subject: reverse Mortgage Payoff |
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| Can a person start paying off his reverse mortgage, and how can they do it. |
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KathyD
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Post subject: Reverse mortgage |
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| My uncle recently passed. He had altzheimers and was in a nursing home. My cousin who is 30 years old just met her father's son (her half brother) less than two years ago when my aunt past away. He is much older and was given guardianship. He did a reverse mortgage on the house. She grew up in the home and is now locked out of the house and her half brother's relatives are living in the house that she grew up in. My question is how can he do a reverse mortgage when my uncle was not mentally competent. |
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billb
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i live in the house with my father who has a reverse mortage
my question - how soon do i have to vacate the house after he dies?
is there a time limit ? |
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concerned granddaughter
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Post subject: stopping another reverse mortgage loan |
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My Aunt talked my grandmother into a reverse mortgage for $250,000 & now wants to take out $75,000 more!!! Just found out about the 1st loan & now a 2nd one!! My mother has been living with my grandmother in her home for 40 something years & did not know about the 1st loan!! Is there anyway we can return the check for the 2nd loan that has been taken out & cancel the loan? My grandmother assumed the loan would be for only 10,000 so she was very upset when she received a check for $75,000 & for some reason she said that she thought it was a seperate loan~ not another loan on the reverse mortgage! And sorry one more question, can the reverse mortgage be paid back if my Aunt pays back the $250,000 when her home is sold(hopefully soon~my grandmother is forcing her to sell her home but not sure if she even has any equity in her home to pay her back with!!!) Not sure what to do!! Thanks!!  |
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Rushell
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Post subject: Reverse Mortgage |
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Can someone put their home on the market 6 months after taking out a reverse mortgage? Please email me at "rushellbongiorno@seacoastrealty.com"
[Email address deactivated as per forum rules] |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
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>>Can someone put their home on the market 6 months after taking out a reverse mortgage?
Yes. They can do it after 1 day if they'd like to - there aren't any prepayment penalties. It's not advised though, because the fees to get a Reverse Mortgage are so high. There are short term solutions that are way better then a Reverse Mortgage.
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Raymond Denton
www.raymonddenton.com |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
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well said, raymond. a person can seek to sell a home at any time. that's part of our wonderful set of liberties in the united states.
now, raymond, you have this calculator site (i admit not having checked it out), and yet your last statement cites alternatives to reverse mortgages. are an advocate of them or a denier? i've seen so much publicity in a negative sense lately, and i've been a skeptic all along.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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I'm a Reverse Mortgage Specialist and have been originating Reverse Mortgages exclusively for the past 5 years, and originate them Nationally. However, I'm not a salesperson - just an information provider. I listen to homeowners and their children, and try to offer suggestions that offer the best solutions. A Reverse Mortgage is just one of many solutions available to Seniors, and when it works it works great. But it's just "one" solution, and all other solutions should be considered too.
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Raymond Denton
www.raymonddenton.com |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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>>Can a person start paying off his reverse mortgage, and how can they do it.
Yes, and you can make a payment at anytime, but only if the homeowner has an adjustable program (because they're opened ended programs). If you make a payment, HUD says the minimum amount you can repay is $100.00, and payments will be applied towards interest first, principle second. Call the Servicing Department first (their toll free number is on your monthly statement) and let them know you'll be making the payment, then send it in.
If you're going to do this, and plan on paying it off gradually, I think it's best to pay off everything except the last dollar. Leaving $1.00 in the Credit Line leaves the Reverse Mortgage open. That way, in case you want to get another one in the future, you won't have to pay all those high loan fees again.
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Raymond Denton
www.raymonddenton.com |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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>> live in the house with my father who has a reverse mortage my question - how soon do i have to vacate the house after he dies? is there a time limit?
The Lender wants you to make an earnest effort to pay them back within a reasonable timeframe. You should contact them as soon as you're able (after the last person on Title no longer resides in the house as their primary residence) and let them know what happened. There really isn't a solid established timeframe, but the Lender gets upset when it starts getting towards the 12th month, and oftentimes will tell you to do what you need to do quickly, or they'll foreclose.
It's really in the heirs best interest to pay it back as soon as possible, because their inheritance (equity) gets eaten away while the Reverse Mortgage is in place.
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Raymond Denton
www.raymonddenton.com |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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>>i've seen so much publicity in a negative sense lately,
The problems you're reading about aren't really associated directly with the Reverse Mortgage program. The HECM (Home Equity Conversion Program) is HUD-approved and FHA-insured. It's a solid wonderful program. The problems with Reverse Mortgages are related to what happens with the cash proceeds after the loan has funded. Folks prey on these Seniors and take advantage of them. For example, one of the most common problems is with Annuities. An Annuity Salesperson uses the cash proceeds from the Seniors Reverse Mortgage and buys a "deferred" annuity. That's a terrible idea (in most cases) and Seniors can lose their home that way. Purchasing an "immediate" annuity can be a good idea though, because a SPIA (Single Premium Immediate Annuity) works in a similar manner to the Tenure payment (that's what they call the monthly payment option with a HECM). But the sales people make 10-15 percent with a deferred annuity, and only 1-2 percent with an immediate annuity.
There are all sorts of scams and if one of these scam artists find a Senior with lots of equity - something bad can happen.
The mandatory Reverse Mortgage Counseling session can catch some of this stuff, but not all of it. I try to look for it too, when I'm originating a HECM.
It's okay for Mom to give her Son $100,000.00 from her Reverse Mortgage proceeds, for him to start a business, if Mom wants to do that. However, if her Son is twisting her arm and forcing her to do it, that's Elderly abuse and neither the Counselor or I will allow it to happen - if we're able to detect it.
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Raymond Denton
www.raymonddenton.com |
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>>If there is a reverse mortgage on a property and the parents die, the mortgage has to be paid by the their children living in the property.
That statement is inaccurate. Nobody, heirs or anybody else, are obligated to pay back the Reverse Mortgage. It's impossible for them to be obligated because they're not contractually bound.
This is how it works. An heir(s) is going to inherit the house and they're going to decide if they're going to keep the house, sell it, or let the lender have it. If they want to keep it, they can refinance the Reverse Mortgage with a traditional Forward Mortgage. Or, if they're old enough and there's enough equity, refinance the Reverse Mortgage with another Reverse Mortgage. They can also sell the house, pay back the Reverse Mortgage lender, and keep the remaining equity for themselves.
If there's not enough equity in the property, they may decide to let the lender have it. They're definately going to let the lender have it if more money is owed on the Reverse Mortgage, then the value of the house. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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Post subject: |
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>>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.
That statement is inaccurate. Nobody, heirs or anybody else, are obligated to pay back the Reverse Mortgage. It's impossible for them to be obligated because they're not contractually bound.
This is how it works. An heir(s) is going to inherit the house and they're going to decide if they're going to keep the house, sell it, or let the lender have it. If they want to keep it, they can refinance the Reverse Mortgage with a traditional Forward Mortgage. Or, if they're old enough and there's enough equity, refinance the Reverse Mortgage with another Reverse Mortgage. They can also sell the house, pay back the Reverse Mortgage lender, and keep the remaining equity for themselves.
If there's not enough equity in the property, they may decide to let the lender have it. They're definately going to let the lender have it if more money is owed on the Reverse Mortgage, then the value of the house.
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Raymond Denton
www.raymonddenton.com |
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the outcasts
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Post subject: reverse mortgage paid |
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my husband and myself paid off my parents reverse mortgage with the sale of our home, now we are having trouble getting our money back from the family. since we paid off the debt, are me and my husband entitled to have the deed in our name?  |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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"the outcasts" - are you outcasts because you are seeking entitlement resulting from your "good deed?" or is it that you're outcasts because you performed the good deed to begin with?
honestly, if you had paid off said parents' mortgage with the stipulation that you become the owners of their home, i suspect they would have told you to keep the money. of course, if they hadn't done that, and you all agreed that it was appropriate for you to pay off the mortgage and then become owners of that house (also called buying said house), then you'd deserve to be owners.
unless there was a legal agreement upfront, i don't believe that there's any entitlement other than a gracious thank you from your parents. if they were to kick anything else in, that's called a bonus. if you're in louisiana, it's a lagniappe.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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