Compare Mortgage Quotes

jk9999 · Joined: 15 Jul 2009 Posts: 111 1.82 Dollars($)

for reverse mortgage, should a person's name on the title or can a company,say , LLC 's name on the title?

jenkin7 · Posted: Fri Jul 24, 2009 10:27 pm Post subject:

Hi jk,

The borrower, who is taking the reverse mortgage, must have his/her name on the title to the property. If an LLC or a company owns the property, the lender will not allow a reverse mortgage on it.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

jk9999,

welcome to mortgagefit

reverse mortgage is a nice option for those people who do not have anyone after they die and they have property but do not have any income source.

So they keep their property reverse mortgaged with the bank and get money, either in installments or at one stretch, but once the person is no more, property belongs to the bank.

This is the simple principle of reverse mortgage.

In case of LLC, LLC is never going to die ( as it being a non-living entity) so this concept can not be adopted to the LLC...

keep in touch......

kbkevin2009 · Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)

Jenkin is right... For reverse mortgage, borrower's name should be on the title...

brettlivewellfinanciall · Posted: Wed Jul 29, 2009 12:12 pm Post subject:

A reverse mortgage enables homeowners 62 or older to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. If you avail of a reverse mortgage, it's pretty much as if you're going to be paid to live in your house! The equity that your home possesses can be liquidated into cold, hard cash for your benefit. You'll not only be able to avail of this equity every month, but this money is also tax-free!

raymond · Posted: Sat Oct 10, 2009 11:51 am Post subject:

A LLC or Corporation can't hold Title because those are Commercial entities and a FHA-insured Reverse Mortgage is for residential properties only.

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

for reverse mortgage the borrowers must have his name on the title.

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

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1