Compare Mortgage Quotes

momstoys · Joined: 25 Feb 2010 Posts: 2 1.47 Dollars($)

If you are 90 years old and have $14K in savings and own you home outright and it's worth about $100K and have no debts....what are the chances of getting a home equity line of credit...if you only get SS of $1073/mo and $175/mo from a pension?

raymond · Posted: Thu Feb 25, 2010 5:46 pm Post subject:

You'll probably be able to get a Home Equity Line, but not for very much, and it'll have a monthly mortgage payment associated with it if you're able to get it.

The Reverse Mortgage program sponsored by HUD is designed for your situation. You'll receive $72,436 in cash, or a monthly check (tax free, and doesn't affect Social Security or Medicare) for $1,373.00. And no monthly mortgage payments.

momstoys · Joined: 25 Feb 2010 Posts: 2 1.47 Dollars($)

THANKS FOR THE FEEDBACK. A QUIT CLAIM DEED TO A FAMILY MEMBER AND THEM GETTING A HOME EQUITY LOAN MIGHT MAKE MORE SENSE, I DON'T WANT A REVERSE MORTGAGE, WHERE I HAVE TO STAY IN THE HOME.

eric1 · Posted: Thu Feb 25, 2010 6:11 pm Post subject:

I agree that a reverse mortgage is probably the best option.

raymond · Posted: Thu Feb 25, 2010 6:23 pm Post subject:

>>A QUIT CLAIM DEED TO A FAMILY MEMBER AND THEM GETTING A HOME EQUITY LOAN MIGHT MAKE MORE SENSE

You'll have a Title Seasoning problem, plus the fact that it's a transaction between family members. Both of those are problems with Lenders.

>>I DON'T WANT A REVERSE MORTGAGE, WHERE I HAVE TO STAY IN THE HOME

You don't have to stay in the home, it just has to be your primary residence. That means you have to reside in it for at least 183 days out of the year (6 months). Once a year, on the anniverary date of your loan, the Lender will send you a letter, asking if you're still living in your home. You'll sign and date it, check off the box that says your home is still your primary residence, and mail it back to them.

Guest

Hi everybody! I don't know where to begin but hope this site will be useful for me.
In first steps it is really good if somebody supports you, so hope to meet friendly and helpful people here. Let me know if I can help you.
Thanks and good luck everyone! Wink

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

Compare Mortgage Quotes

Home Equity Loans