Your Questions About Reverse Mortgage

Mary asks…

Where can I get the best Reverse Mortgage loan?

I get a lot of offers in the mail since I looked into it.

admin answers:

I found this website for you on that topic. Seems to have links to the best Reverse Mortgage lenders:

Sandra asks…

how do you get out of a reverse mortgage? My grandfather has one on his house and is gravely ill.?

What can we do to reverse things prior to his passing?

admin answers:

He likely is not in any shape to get a new loan, he will not qualify.

The only way to get out of the reverse mortgage is to repay it in full. There should be statements available. Showing how much he was given.

Paul asks…

my husband is 65 and I am 54. If we went with a reverse mortgage, what would happen if my husband died before?

Our only income is from Social Security. Including taxes and insurance our house payment is nearly $900.00 a month. We really don’t have any equity in our home since price went into the bucket. We will never own our home. Any information or guidance?
W are considering a reverse mortgage.Our mortgage is too high. We can not refi because debt to income is too high.

admin answers:

Reverse mortages are one of the worst financial mistakes a human being can make.
Only next to buying a time share.

If you have no equity, the bank isn’t going to give you anything each month.
They can only give you what you have in equity back over the years.
Google “reverse morgages complaints”

Sandy asks…

whats your thoughts on reverse mortgage for senior citizens?

My dad thinks he might want one are they really a good idea?

admin answers:

My in-laws have recently acquired a reverse mortgage and it is providing them with extra income every month. You can either draw out the whole equity at one time or take it in monthly payments.

Be sure to read all the fine print regarding who ever your father deals with.

An as to “them getting the house” well that is not true.
Here is how it works regarding any heirs:
When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by a reverse mortgage loan. This debt will never be passed along to the estate or heirs.

Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

Lizzie asks…

Is a reverse mortgage a good loan if my house is paid off?

And who issues them besides HUD?

admin answers:

It can be if you are either struggling financially, or simply want to have more funds to enjoy retirement.

A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older. More information about reverse mortgages can be found here……



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