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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Guest,
You will have to contact the local reverse mortgage lenders and check out if they can help you with a reverse mortgage. However, not all lenders will be ready to give you a reverse mortgage on coop.
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Procrastination is the enemy of your financial success |
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RES
Guest
0.10 Dollars($)
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Post subject: 2nd reverse |
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| Could our current reverse mortgage be paid off by another mortgage co. with my husband being added on to the title with with me on the new reverse mortgage.. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi RES,
Yes, you will be able to pay off the existing reverse mortgage with a new reverse mortgage. If your husband is 62 years of age, then you can add him to the property deed and both of you can jointly apply for a reverse mortgage.
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Procrastination is the enemy of your financial success |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1189
Location: Irvine, California
27.86 Dollars($)
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>>Could our current reverse mortgage be paid off by another mortgage co. with my husband being added on to the title with with me on the new reverse mortgage.
Yes. And the FHA insurance premium will be prorated, resulting in reduced costs. And You shouldn't have to pay an Origination Fee or Monthly Service fee either. And some Reverse Mortgage Loan Officers, including me, will also pay all your non-recurring third party costs.
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Raymond Denton
www.RaymondDenton.com |
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rutchelldb
Joined: 24 Jan 2011
Posts: 14
3.72 Dollars($)
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Post subject: Re: Are reverse mortgages safe? |
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The lender making monthly payments to the homeowners sounds like a free loan. But the catch is they'll get the money out of your estate after you die, leave your home or sell.
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http://securemortgages.co.za |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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It's not a "catch" at all. This is the entire idea behind reverse mortgages; that a homeowner of retirement or near-retirement age can use equity that has built up in a home to help supplement other sources of income such as pension or SS. As there are no repayments during the course of a borrower's lifetime for this sort of loan, it's only natural to expect that payback would come upon sale and/or death of the homeowner(s).
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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