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judi King
Guest
0.10 Dollars($)
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Post subject: another reverse mortgage |
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| I own two homes. I took out a reverse mortgage on my primary residence a few years ago. Now I want to sell that house. After I do, I will move into my second house. Will I then be able to take out a reverse mortgage on that home? |
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savior70
Joined: 25 Mar 2009
Posts: 1899
Location: Florida
261.84 Dollars($)
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Post subject: |
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Hi,
You can sell your current primary residence. But you'll have to pay off the reverse mortgage with the sale proceed. You will be able to take reverse mortgage on your second home, provided you use it as your principal place of residence. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 876
Location: Irvine, CA
135.34 Dollars($)
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 876
Location: Irvine, CA
135.34 Dollars($)
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Post subject: |
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>>since we paid off the debt, are me and my husband entitled to have the deed in our name?
No. The property will be provided to the heirs as per your Parents Will or Living Trust.
_________________
Raymond
www.SuperJumboReverseMortgage.com |
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marvbevm
Guest
0.10 Dollars($)
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Post subject: Selling our condo with a reverse mortgage |
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| We have a condo with a reverse mortgage and a second vacation home. We are considering moving to the vacation home and we understand that we will need to sell the condo per the reverse mortgage rules. Since the real estate market for our condo has dropped, what happens if we do not get enough to pay off the mortgage. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 876
Location: Irvine, CA
135.34 Dollars($)
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Post subject: |
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>>what happens if we do not get enough to pay off the mortgage
It's a non-recourse mortgage, so you're not responsible for any loss. If the condo is worth $200k and you owe $300k, you're not responsible for the $100k loss. The lender will file a claim against the insurance to recover the difference.
The insurance premium is the only thing that enables a HUD sponsored Reverse Mortgage to work. People complain about the high fees to enter into a Reverse Mortgage, but the highest fee is usually the insurance premium - but it sure comes in handy when it's time to use.
After you move into your vacation home, you can get a Reverse Mortgage on it too.
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Raymond
www.SuperJumboReverseMortgage.com |
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lee003
Guest
0.10 Dollars($)
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Post subject: |
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| my son inlaw grandfather died, and his grandmother is being force out of her house because of his death. she was told if her spouse did died they would not be a problem with the reverse mortgage. Why is she being force to leave her home. |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 876
Location: Irvine, CA
135.34 Dollars($)
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Post subject: |
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>>Why is she being force to leave her home.
I'd like to know the answer to that too. If she was on Title when they got the Reverse Mortgage, she's not being forced to move because of the Reverse Mortgage. Why did they say she has to move?
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Raymond
www.SuperJumboReverseMortgage.com |
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pattyv
Guest
0.10 Dollars($)
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Post subject: sell property |
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| my mother took out a reverse mortgage in September of 2009 and she would like to sell the home to me. How can we go about doing this? any advice is greatly appreciated so we can start the process |
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patvil
Guest
0.10 Dollars($)
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Post subject: title name change |
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| if my daughter makes payments toward my reverse mortgage can I tranfer the title in her name while she is doing this I took out a reverse mortgage last year. If not, I would like to sell the house to her please advice on how I can do this |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10567
Location: bloomfield, ct
10.10 Dollars($)
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Post subject: |
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if you transfer ownership to her now, you'll activate the due on sale clause, and you'll have to repay the reverse mortgage in full immediately. it may be better to prepare a will and name your daughter as beneficiary. check with an estate attorney about this, though.
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George M. Akerley
Credit & Lending Consultant
860-221-5044 |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 876
Location: Irvine, CA
135.34 Dollars($)
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Nicole Carter
Guest
0.10 Dollars($)
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Post subject: paying back reverse mortgage or stopping it |
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| My great grandmother has a reverse mortgage her husband the co-loaner has pasted away. I am her power of attorney and the next in line to get the house should I stop it now and start paying it back and how long after one she has pasted will they give me to pay the loan off???? |
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adonis
Joined: 22 Oct 2005
Posts: 6174
Location: ALASKA
468.92 Dollars($)
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Post subject: |
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Hi Nicole,
You should inform the lender about the death of co-signer of the loan and stop the reverse mortgage. You can apply for a refinance of the loan in order to save the property from foreclosure. You will get around 3 months time to refinance the reverse mortgage.
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Procrastination is the enemy of your financial success |
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tbf11
Guest
0.10 Dollars($)
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Post subject: Can areverse mortgage buy you time while you sell your house |
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My mother's house is on the market and not selling as quickly as she needs it to. She has some debt that needs to be paid off and can no longer afford the high taxes. However, she doesn't want to give the house away for a song as it's in a highly valued area.
Is a reverse mortgage a good option to buy her some more time so that she can get a good price for her house?
Also, is there a company that you recommend for seniors?
Thanks |
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