Posted on: 29th Jun, 2009 08:20 pm
mother 85 owes around 14,000 . house needes lots of repares- ?? she moved to out of state and cut off part D . only plan has donute hole and she needs to pay cash for med. $700.+ per mo.
don't know if the reverse m. good idea or not, i was told she might get enough equity back to pay for meds till able to find other med help? House is couse of med problem cost! then i saw that childeren would be left to pay back mortgage when mom passes and would not be able to do that could house just go back to bank ? Help!!! Please need wisdom.
Thanks
don't know if the reverse m. good idea or not, i was told she might get enough equity back to pay for meds till able to find other med help? House is couse of med problem cost! then i saw that childeren would be left to pay back mortgage when mom passes and would not be able to do that could house just go back to bank ? Help!!! Please need wisdom.
Thanks
Hi korm,
If your mom can qualify for the reverse mortgage, she will receive monthly payments which she could use to pay for the medical expenses. When your mom dies, the children will not be responsible for the reverse mortgage and they do not have to pay back the loan. On her death, the lender will take over the house and sell it off to recover the mortgage amount. If there is any excess money, the children will receive that.
If your mom can qualify for the reverse mortgage, she will receive monthly payments which she could use to pay for the medical expenses. When your mom dies, the children will not be responsible for the reverse mortgage and they do not have to pay back the loan. On her death, the lender will take over the house and sell it off to recover the mortgage amount. If there is any excess money, the children will receive that.
Thankyou for reply ! i called Moms bank asking about reverse m. but no return call yet . what does it take to qualify for this type of mortgage?
she can not repare house since she does not have funds to do so, would that be a problem ?
she can not repare house since she does not have funds to do so, would that be a problem ?
Hi korm,
Welcome to our forum.
If your mother got qualify for the reverse mortgage as reverse mortgage rules she will receive monthly payments. After your mom dies you will not be responsible for paying dues to lender. If your mother not paid complete loan amount then lender will foreclosure this house & he can sell it to recover the loan payments. If she fully paid for house & then she died then daughter will be owner of house as heir.
Thanks & Regards.
gunz.ijjistaff.
:D :D :D
_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
If your mother got qualify for the reverse mortgage as reverse mortgage rules she will receive monthly payments. After your mom dies you will not be responsible for paying dues to lender. If your mother not paid complete loan amount then lender will foreclosure this house & he can sell it to recover the loan payments. If she fully paid for house & then she died then daughter will be owner of house as heir.
Thanks & Regards.
gunz.ijjistaff.
:D :D :D
_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Reverse annuity mortgage (RAM) is a mortgage loan program designed specially for senior citizens. It allows them to borrow a certain amount against their home equity. The borrower receives monthly tax-free payments from the lender either in the form of periodic payments or from an annuity set up with the loan proceeds.
The borrower does not have to repay the loan till he sells off the property or if he wishes to move over to another place. In case he dies, his heirs will have to repay the principal balance along with the interest.
Borrowers must be at least 62 years old and occupy as their principal residence a home that has little or no mortgage debt remaining. The maximum loan amount depends on the age of the borrower, the expected interest rate and the appraised value of the property.
Reverse mortgages require you to satisfy the criteria as given below:
Borrower's profile:
You and your co-borrower, if any, should be aged 62 years or above.
You should be the owner of the property against which you intend taking the reverse mortgage.
You should occupy the property as your primary residence.
There should be enough equity in your home.
If there are past debts on your home, pay them off prior to taking out the loan or else pay them off right after you get the loan funds.
Property type:
1 unit single family dwelling
2-4 unit owner occupied dwelling
Condominiums and townhomes
Planned unit developments (PUDs)
Mobile home or manufactured homes
However, properties like townhomes, condominiums, mobile homes and modular homes often qualify only if they meet the criteria set by the FHA. For mobile homes, one has to own the land in addition to satisfying the criteria set by FHA.
The borrower does not have to repay the loan till he sells off the property or if he wishes to move over to another place. In case he dies, his heirs will have to repay the principal balance along with the interest.
Borrowers must be at least 62 years old and occupy as their principal residence a home that has little or no mortgage debt remaining. The maximum loan amount depends on the age of the borrower, the expected interest rate and the appraised value of the property.
Reverse mortgages require you to satisfy the criteria as given below:
Borrower's profile:
You and your co-borrower, if any, should be aged 62 years or above.
You should be the owner of the property against which you intend taking the reverse mortgage.
You should occupy the property as your primary residence.
There should be enough equity in your home.
If there are past debts on your home, pay them off prior to taking out the loan or else pay them off right after you get the loan funds.
Property type:
1 unit single family dwelling
2-4 unit owner occupied dwelling
Condominiums and townhomes
Planned unit developments (PUDs)
Mobile home or manufactured homes
However, properties like townhomes, condominiums, mobile homes and modular homes often qualify only if they meet the criteria set by the FHA. For mobile homes, one has to own the land in addition to satisfying the criteria set by FHA.