Posted on: 17th Feb, 2010 07:29 pm
i was fired from my job we owe $240.000, worth $290, we want to quit deed to my sister who is 62, can she in turn put in reverse mortgage, to save our house, and then if and when i get another job or turn 62, can she quit deed it back to me i'm 59, when i turn 62
Hi normalgt,
You can transfer your property to your sister and she may apply for a reverse mortgage and pay off the existing mortgage. When you turn 62, she may add your name to the property deed as well as the mortgage.
You can transfer your property to your sister and she may apply for a reverse mortgage and pay off the existing mortgage. When you turn 62, she may add your name to the property deed as well as the mortgage.
>>we owe $240.000, worth $290
there isn't enough equity in the property for the reverse mortgage to payoff your current lien. that's called a "shortfall" and yours is $95,950.00. that means you'd have to contribute that amount to enable a reverse mortgage to work.
>>we want to quit deed to my sister who is 62
that's only allowed if the home is her primary residence. if it's her primary residence, clear it with your loan officer first, and she'll tell you when to do the quit claim. don't do it by yourself because you'll get into a title seasoning issue. let the lender tell you when they want it done.
>>can she quit deed it back to me i'm 59, when i turn 62
no, that's not possible because you'd violate the due-on-sale clause. you'd have to refinance it with another reverse mortgage to get title back into your name.
there isn't enough equity in the property for the reverse mortgage to payoff your current lien. that's called a "shortfall" and yours is $95,950.00. that means you'd have to contribute that amount to enable a reverse mortgage to work.
>>we want to quit deed to my sister who is 62
that's only allowed if the home is her primary residence. if it's her primary residence, clear it with your loan officer first, and she'll tell you when to do the quit claim. don't do it by yourself because you'll get into a title seasoning issue. let the lender tell you when they want it done.
>>can she quit deed it back to me i'm 59, when i turn 62
no, that's not possible because you'd violate the due-on-sale clause. you'd have to refinance it with another reverse mortgage to get title back into your name.
I have a double wide which I owe 109,000 on, have it listed for 175,00 got a call from a buyer wants me to provide some owner finance? What shoold I do. Iwant to sell soon . Should I offer closing. Land is valued at 200,000.
james, check my answer to your question on the link below:
http://www.mortgagefit.com/predeal/about35294.html
http://www.mortgagefit.com/predeal/about35294.html
