About Reverse Morgages

allie1 · Joined: 27 May 2008 Posts: 1 1.43 Dollars($)

Hello

I am 65 and disabled and my memory is not what it used to be. I live on a disability check of 637 a mo. I own 2acres with a old 1971 Mobil Home that the roof leaks and there is something wrong with the electrical system because I loose power sometimes, I sure I have a short some where. I owe 22,000 morgage on it. Since everything has went up I am having a very difficult time making making the payment, Im not going to be able to do it much longer, I am considering a reverse morgage which will pay off the loan. I dont have anyone to help me with this and I know I cant do it myself, what would you recommend I do? I have one question on reverse morgages. You are charged interest on it but they also have a 30 a month free for (I dont know what) do they all charge thiis fee and why if you pay interest. Also with buying a brand new mobil home that is approved by FHA why is it necessary to have the title company involved? In Oregon we have Titles for the DMV for Mobil Homes. Its just like buying a car. Thank You Cheryl

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi allie,

Welcome to the forum.

There are differed kind of fees that the lender charges. So I think you should ask the lender why he is charging the amount and for what. You have the right to ask it to the lender and I think he will surely explain it to you.

BTW have you already got the reverse mortgage? If not then you should shop for lenders. You can request it from the community lenders at http://www.mortgagefit.com/quote/

Feel free to ask if you have any further questions.

Best of luck,
Larry

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