Your Questions About Check My Mortgage

Mark asks…

Do mortgage lenders look at your income W-2 forms for the income reported instead of check stubs?

My question is do mortgage lenders look at your w-2 forms to find out how much money you made instead of asking for check stubs? I know you at least need the past 2 w-2 forms i’m i correct?

admin answers:

They compare the two. Most of the time overtime is not used to qualify for a loan…..only if it shows that the overtime has been consistent over a year or longer. Lenders normally will only use the base salary to qualify you for a loan. They might even ask the employer to write a letter stating that they expect that any overtime will continue for at least a year.

W-2’s only show income for the previous year. Pay stubs show your current monthly income.

Susan asks…

I just turned 18 and I check my credit report, it says I have a mortgage from 2005?

I turned 18 a few days ago, and my credit report through Equifax asked me some security questions, and they were about a mortgage from 2005? I was 13 years old in 2005, and I couldn’t have gotten a mortgage. Any ideas of why it says I have them?

admin answers:

If it was just the security question, there’s no need to worry. YOU know that you don’t have a mortgage, but a person trying to steal your identity wouldn’t know that. Your answer would have been “None of the Above” (or something like that).

Since you’re so young, Equifax doesn’t have enough information in your file to pose good security questions, so they have to ask things like the one about your non-existent mortgage.

Now, if your actual credit report had a listing for a mortgage in 2005, that’s something you need to follow-up on, using the instructions that came on the last pages of your credit report. If there is an actual mortgage listed in your name, that could either be a computer error (confusing you with someone else), or it could be a case of identity theft. Either way you need to look into it…

Richard asks…

Does anyone have 21st mortgage as the lender I need to get there express check pay address?

I need to overnight a check through my bank’s bill pay and I need the address to send the check all I have is the PO box and it can’t be sent there. They won’t give it to me because I am behind and I am not sending in the full payment I am only sending in what I can to knock down the past due amount.

admin answers:

Do they have a web site that you can get a log on and do it. But the big problem with this is they will hold the cash in suspense till brought current any way

Joseph asks…

what does “There is insufficient information about mortgage accounts.” mean on a credit check?

ive never tried getting a mortgage loan.
so i don’t know why they would put this as hurting my score.
does anyone know what to do or about this?

or does this error not mean anything about mortgage loans?
i checked all three scores and their is a section that says “whats hurting your score” and it says “there is insufficient information about mortgage accounts… this is looking off transunion, experian, and equifax.

admin answers:

It means that not having a mortgage loan is hurting your credit. It means that your credit would be better if you had a mortgage loan. It means that not having one is hurting your credit.

Mary asks…

I DEPOSITED a check made out to my mortgage company “and/or” ATIMA “and” my name. Will this check be honored?

I deposited the check on Thursday and my bank hasn’t put a hold on it, but I want to make sure it clears the giant bank it was written on.

admin answers:

No, the other party (your mortgage company) has to sign off by endorsing the back of the check.

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Your Questions About Reverse Mortgage

William asks…

How does a reverse mortgage affect medicaid qualification?

My 66 year old mother is considering a reverse mortgage, but even with that supplemental income potential, she will still need to apply for Medicaid to cover prescription expenses. Will a reverse mortgage affect her qualification for Medicaid?

admin answers:

Factoid:
Most people move out of their home at age 82 with a reverse mortgage.
If she is typical she will have nothing to her name when she sells the home.
To me – reverse mortgages are a scam that needs regulation by the federal goverment.
Reverse mortgages are robbing the trusting and elderly.
Just like ARM loans did.
Sell the house – get the cash out – buy a small condo or rent.
/

Richard asks…

Reverse mortgage, what are the payback options and how is the money accessed and distributed?

The reverse mortgage will be for my mother who is unable to manager her funds. How can I protect her funds and administer her monies safely? Is it possible to put restrictions on where and how much money is used?

admin answers:

Payback option – pay it off at death or permanent move. If you can pay it back earlier, you don’t need a reverse mortgage. You need to form a trust with the proceeds of the reverse mortgage. The trust can say virtually anything your mother wants to say about how to administer and what restrictions. A trust attorney can do this relatively easily.

Sandy asks…

My deceased father has a reverse mortgage – the amount owed is less than the value of the property?

I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what’s owed on the reverse mortgage? I’m 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house. So my question is do I need to take out a loan for value of house so heir can get their 3rd?

admin answers:

You would need to pay off all liens on the property, before you can transfer it into your names. A mortgage is a lien. So in order for all heirs to be able to get their third, the house would have to be mortgaged for the amount of the lien(s), and then be sold which usually has fees associated with the sale.

Or, the executor could simply sell the property to one of the heirs or someone else and the equity could be split amongst the heirs at the closing table.

Ruth asks…

What happens to a reverse mortgage after the person have to go to nursing home. How does that work?

What happens to a reverse mortgage after the person have to go to nursing home. How does that work?

admin answers:

Generally, the loan ends when the homeowner dies, sells the house, or, depending on the loan conditions, moves out of the house for 12 consecutive months (for example, to go into an assisted living home or due to physical or mental illness the borrower is not able to live in the property on which the loan has been taken. At that point, the reverse mortgage can be paid off with the proceeds of the sale of the house, or if the borrower has died, the property can be refinanced by the heirs of the homeowner’s estate with a regular mortgage. If the proceeds exceed the loan amount including compounded interest and fees, the owner of the house receives the difference. If the owner has died, the heirs receive the difference. For cases where the proceeds are not sufficient to pay off the loan, then the bank (or insurance which the bank has on the loan) absorbs the difference. So, in your scenario, it would depend on the loan conditions.

Laura asks…

Can someone get a reverse mortgage if they already have a mortgage on their house?

If my house is worth $250,000 and I have a first and second mortgage that adds up to about $135,000 can I still qualify for a reverse mortgage? Does it depend on how much equity I have in the house or liens on the property?

admin answers:

Yes but you have to be 62 or older.

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Reverse Mortgage Calculator

Reverse mortgages, which are mortgages designed specifically for citizens who are 62 years or older, can be rather confusing to many people. Although the surface aspects of reverse mortgage loans are easy to understand, it is still difficult to determine how much money a person is eligible to receive. Also, many people would much rather have a basic idea of what they are going to be able to get from a particular reverse mortgage lender beforehand than to have to suffer through all of the sales pitches that will no doubt be thrown during an innocent inquiry

First of all, it’s important to know the basics of what a reverse mortgage is. Reverse mortgage loans differ from regular mortgage loans in two primary ways, the first of which is the fact that reverse mortgage loans are only available to citizens 62 years or older, and second of which is that the lender of a reverse mortgage loan pays the borrower, instead of the other way around (as is common with a regular mortgage loan). This means that people who have a reverse mortgage loan are actually paid in a one lump sum, monthly increments (assuming the borrower remains in the household as a principle location), periodic credit lines, or a combination thereof. The borrower is able to do what ever he or she wishes to do with the money. If and when the borrower becomes deceased, must move somewhere else for care by family or retirement home, or decides to sell, then the lender retains all the money made from the property’s selling amount as return for the reverse mortgage loan. If a person’s property sells for more than the loan amount due, then the borrower or heir(s) receives the difference, if the property sells for less than the loan amount due then insurance will cover the different.

For many people, it is hard to determine ahead of time how much money they are eligible to be loaned from a reverse mortgage lender. Luckily, there are reverse mortgage calculators located online, and on many different sites. Reverse mortgage calculators are a fast and convenient way for citizens interested in applying for a reverse mortgage to roughly determine how much money they can receive. For example, AARP’s website has a Reverse Mortgage Calculator, all that a person must do is enter in when he or she was born, when the person’s spouse or other coworker was born (if available), a rough estimate of how much the person’s house is worth, and the person’s zip code. Walla! Four simple questions and you have a better idea of what kind of amazing benefits you can receive from a reverse mortgage. Reverse mortgage calculators are usually incredibly accurate, and take barely any time to operate.

For more information please visit our website on Reverse Mortgage

Trinity Reverse is the leading Reverse Mortgage company serving California since 1984.