Your Questions About Reverse Mortgage

Charles asks…

Who knows something about a reverse mortgage?

I know they are a government insured loan but I need information from someone who has had one and how it worked out.

admin answers:

These are very expensive loans.

If your house was paid off and worth $200,000, would you agree to sell it to me for $100,000? No? Then why would you agree to do it if someone called it a reverse mortgage?

Sandra asks…

My boyfriend’s mother got a reverse mortgage loan on her home. She passed away, my boyfriend is executor/heir?

I know i can get the loan for the amount but I’ve been reading about purchasing a house you need a down payment – does this apply on reverse mortgage payments?

admin answers:

When her son informs the lender of her death (by way of a death certificate), they will give him the option of buying the home (for what’s left of the mortgage) or they will sell it. You will have to qualify by way of credit, etc. Only your lender will determine how much of a downpayment you’ll be required to put down.

Lisa asks…

reverse mortgage — Where and how do I get experience in this field?

I saw a job that might interest me, where do i gain the experience?

admin answers:

On the HUD website….has all the info you need!

Lizzie asks…

Does the amount of loan from a reverse mortgage depend upon the equity in the home?

Can I get a loan based on age and the value of my house even if I do not have a lot of equity?

admin answers:

The maximum amount that you can get from a reverse mortgage is a function of the amount of equity in your property, your age, and the location.

HUD has a page with a wealth of information on the FHA insured reverse mortgage (aka HECM):
http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm

James asks…

What are the advantages and disadvantages of a reverse mortgage?

admin answers:

The advantages are that you will increase your monthly net disposable income and will never have to make another mortgage payment. Disadvantages include the closing costs and your heirs will get less inheritance…

Rick Lanicek
www.primelendingonline.com

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