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can i get out of reverse mtg and refinance?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My grandmother has a reverse mortgage, but the grandkids are trying to save the home. she stated that the compny that processsed her loan gave her a total of 40,000, but she had a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] that she was paying. Her current statment said 230,000+ balance. Can you tell me if this is the amount that needs to be repaid before taking control of the house, or does she just pay back the 40,000 +.

Like | Dislike | Share | Posted: Sun, 09/06/2009 - 03:53 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Monique!

Welcome to forums!

Your grandmother will not be responsible for paying the reverse mortgage dues. The lender will sell off the property to recover the dues after her death or her heirs can pay off the loan and get hold of the property. If there had been a second mortgage on the property, then the lender would have asked her to clear off the dues first and then go for a reverse mortgage. You need to check out the loan documents to know what the exact amount is.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 09/07/2009 - 00:16

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a rev. mort. for 31/2 years. I will like to get out of this mortgage giving the house to the bank.Iam planning to get out of the country. Can I do this without any penalty?

Like | Dislike | Share | Posted: Sat, 05/29/2010 - 15:00 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Sat, 12/15/2007 - 10:04 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome leafar,

If you are not staying in the property, then the lender will foreclose it. You should simply list the property in the market and try to sell it off. Once the property is sold off, you will have to pay off the reverse mortgage dues.

Like | Dislike | Share | Posted: Sun, 05/30/2010 - 23:33

alex's picture
alex | Joined: May 17, 2007 07:55 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Sat, 12/15/2007 - 10:29 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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:b3e304f1ec]A reverse mortgage may still be what they need[/quote:b3e304f1ec]- 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

Like | Dislike | Share | Posted: Sat, 12/15/2007 - 11:14 | Post subject:

alex's picture
alex | Joined: May 17, 2007 07:55 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Sat, 12/15/2007 - 11:52 | Post subject:

Cliff.Auerswald's picture
Cliff.Auerswald | Joined: December 16, 2007 08:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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"

[size=9:812f474eab][color=Red:812f474eab][Deactivated email address as per forum rules. Thanks.][/color:812f474eab][/size:812f474eab]

Like | Dislike | Share | Posted: Sun, 12/16/2007 - 08:41 | Post subject:

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