Compare Mortgage Quotes

lindamtnview · Joined: 15 Jun 2011 Posts: 1 1.40 Dollars($)

My boyfriend's mother passed away and had a reverse mortage on her home, we would like to pay the loan and stay in the house, he is a trustee on her trust. Can i get a first time home loan to pay this reverse mortgage?

chrisgummerson · Posted: Wed Jun 15, 2011 10:35 am Post subject:

Are you on title to the property? If you are on title, and or your boyfriend is the only heir to the property, he should be able to contact the original lender to see if they can qualify him on a refinance to get out of the reverse.

gmakerley · Posted: Wed Jun 15, 2011 11:10 am Post subject:

Seems like you're trying to buy the house, Linda. If your boyfriend has the legal standing to sell it as his Mom's heir, then you could be a buyer and quite conceivably obtain a mortgage for that purchase. Depending upon where you reside, there may or may not be a first time homebuyer product offered by the State Housing Authority.

Check that out with a simple Google search, and there'll be a wealth of information if that arrangement is available.

If you feel the need, come on back and ask for assistance in finding more out about a new loan.

jameshogg · Posted: Wed Jun 15, 2011 9:01 pm Post subject:

Hi lindamtnview,

If you haven't owned a property for the last 3 years, then you can qualify as a first time home buyer. Nevertheless, you should have a word with your lender and he/she will let you know whether or not you can qualify for first time home buyer's loan.

Thanks

raymond · Posted: Mon Jun 20, 2011 4:36 pm Post subject:

>>Can i get a first time home loan to pay this reverse mortgage?

Yes, as long as you haven't taken a tax write off during the previous 3 years for a primary residence - it'd be a "purchase" loan under that scenario. However, your boyfriend can refinance it after administration of the Trust is complete, because he inherited it. If you're planning on getting married, it may make sense to wait until it's in his name, then refinance it into both of your names. It may be easier to do it that way, because both of your incomes will be used for qualification, and you won't need a down payment (if there's still enough equity in the property after paying off the Reverse Mortgage Lender).

gmakerley · Posted: Mon Jun 20, 2011 8:21 pm Post subject:

Look...up in the sky - it's a bird...it's a plane....no...it's Raymond!

Again!

raymond · Posted: Tue Jun 21, 2011 5:41 pm Post subject:

Have you ever considered adding "life insurance" to your current skillset, George? You'd be really good.

gmakerley · Posted: Tue Jun 21, 2011 6:34 pm Post subject:

Interestingly, a friend recently approached me about becoming licensed, noting that it would be worthwhile for me as well as for clients. I was once licensed to sell SBLI - Savings Bank Life Insurance - but left the savings bank industry (before it merged itself out of existence) and also left behind the license. I imagine it could come in handy...maybe.

Thanks for the encouragement, Raymond.

Compare Mortgage Quotes

Reverse Mortgage

Bookmark this page

Helpful References

Calculators

Financial Tools

Our Community

Community Rewards

Followers (252)

455 People like Mortgage

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1