Betty asks…
What happens when a partner dies in the reverse mortgage?
My mother and I own a home, if she dies first being older and I live in the home too, older me, will I be able to continue living in the home when she dies or do I have to move and sell the home? This is regarding the reverse mortgage policy
admin answers:
Equity has a point, if this is your loan as well you do not have to pay it off yet, but you will at the agreed equity limit.
If only she took out the loan you will have to pay it all back at this point. You just have to come up with the money, you do not have to sell the house if there are other funds to repay it.
Lizzie asks…
Am I eligible to sign up for a reverse mortgage?
I am 62 years old home owner and I’m seeking more information about a reverse mortgage.
admin answers:
You are eligible for a reverse mortgage at your age, I sent my parents this website which my friend runs and he did a very informative article about reverse mortgages. I suggest you take a look, http://thatfreebieguide.blogspot.com/2010/07/how-can-you-forget-your-parents-getting.html
He is also quite funny and includes some tidbits to keep you from stressing out.
Daniel asks…
Where in Texas can you apply for a reverse mortgage?
Checking on local area in Houston County Texas where someone can apply and obtain a reverse mortgage on their home.
admin answers:
Jorie,
You are in luck. Reverse mortgages are my specialty. My office is located in Fort Worth but one of the regions I cover is Houston. I am in the area every couple of weeks. I would be glad to help you. This is all I deal in and our company has done more reverse mortgages in the Southwest than any other company. If you would like I can send you some more information or get you started in the process. Please feel free to contact me.
Thanks,
Brandon Burns
Toll Free 888-264-8916
bburns@griffinloans.com
Griffin Financial Mortgage, LLC
1701 River Run Suite #308
Fort Worth, TX 76107
Sandra asks…
Where can I find a Reverse Mortgage company in Tennessee?
Looking for a Reverse mortgage company within Memphis.
admin answers:
Are you looking for a local company?
I know One Reverse Mortgage is licensed there, you can do a google search for them. I would put up their link but Yahoo apparently does not like people actually putting links to a certified and credible business.
Sharon asks…
What do you think of reverse mortgage for people 62 and older?
I’m a loan officer doing reverse mortgages for the elderly in the state of CA. The largest one to date I have done was 2.6 million. I have found this program to help so many people that are 62 or older. True this will eat up equity in there home but its there home and there equity. This is the part that kills me. Why do “some” the children of the elderly feel like this is there money and think that there parents must suffer and live a hard life with less.
admin answers:
Reverse mortgages are tricky things. I think it’s a good idea, but from what I’ve heard, there are a lot of consumer unfriendly terms in those mortgages, as well as very high fees and commissions. Right now, I think it very wise for anyone thinking about them to take it slow, and even pay a lawyer a few hundred bucks to review the terms.
Enlighten me. Do you get a good commission off of those reverse mortgages. Are there a lot of fees?
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