| Author |
Message |
|
|
Steven
Guest
0.10 Dollars($)
|
 Posted: Sat Dec 15, 2007 5:35 am Post subject: can i get out of reverse mtg and refinance? |
|
|
I want to help my friend's family. They have taken a reverse mtg since the past 3 years and need to pay off some medical bills. Can they get out of the rev mtg and refinance to pull out their equity?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
| |
|
 |
 larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
|
| Posted: Sat Dec 15, 2007 11:04 am Post subject: |
|
|
Hi Steven,
Welcome to this forum.
They can refinance to pay off the Reverse mortgage. Contact with your real estate agent and consult with him in this regard. He will help you in this regard.
Thanks,
Larry |
|
| |
|
|
alex
Joined: 17 May 2007
Posts: 4
Location: United States
2.42 Dollars($)
|
| Posted: Sat Dec 15, 2007 11:29 am Post subject: |
|
|
Steven,
I would have someone do a mortgage review and some planning. It seems that things have changed for your friend and it is critical that someone makes adjustments to not only cover the current medical expenses but also any future changes. A reverse mortgage may still be what they need but with more features. I would be glad to offer them a complimentary consultation at no charge.
_________________
CEO/Chief Mortgage Advisor
10 year Industry Veteran
www.TrustedMortgagePro.com
Nationwide Wholesale Lender |
|
| |
|
|
blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.59 Dollars($)
|
| Posted: Sat Dec 15, 2007 12:14 pm Post subject: |
|
|
Hi Steven,
Welcome to Mortgagefit discussion board.
Are you sure that they have a reverse mortgage? A reverse takes the equity out to pay the bills.
Find a good mortgage professional to talk to. Review your mortgage and then take any decision.
Hi Alex, I cannot understand what do you want to mean here - | Quote: | | A reverse mortgage may still be what they need |
- can you please explain it a bit. As far as what I have understood is that they want to get out of the reverse mortgage through refinance
Do let me know if you have any other questions.
Thanks
Blue
_________________
Lets help each other. Try my blog |
|
| |
|
|
alex
Joined: 17 May 2007
Posts: 4
Location: United States
2.42 Dollars($)
|
| Posted: Sat Dec 15, 2007 12:52 pm Post subject: |
|
|
BLue,
The reverse mortgage may not be correctly structured to meet their needs at this time or they may need to relook at the way the distributions have been setup for them. If this is the case it may still be best suited for them, but of course there needs to be an analysis done taking in all other factors involved as to why it is not currently meeting their needs.
_________________
CEO/Chief Mortgage Advisor
10 year Industry Veteran
www.TrustedMortgagePro.com
Nationwide Wholesale Lender |
|
| |
|
|
cliff
Joined: 16 Dec 2007
Posts: 3
Location: California & Florida
2.32 Dollars($)
|
| Posted: Sun Dec 16, 2007 9:41 am Post subject: re: out of reverse |
|
|
Steven,
Before you consider a traditional refinance check their open line of credit to see if any funds are available. If not consider refinancing into another reverse mortgage when the limits raise (expecting the modernization bill to pass any time now) With the new limits it may be possible to refinance HECM o HECM.
Reverse Mortgage Rates are at all time low, you may be able to pull additional funds for the medical bills all while keeping the home with no mortgage payment
Cliff Auerswald
President
All Reverse Mortgage Company
(888) 801-2762
"www.allrmc.com"
[Deactivated email address as per forum rules. Thanks.] |
|
| |
|
|
