Kristin Said:My deceased father has a reverse mortgage - the amount owed is less than the value of the property?We Answered: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...
Chad Said:What do you think of reverse mortgage?We Answered:They can pass the home on but it will have a very expensive mortgage they will need to refinance. For most people it isn't worth the cost. You must be over 62 and the older you are the more you get a month. If you have a mortgage some goes to pay that off. The cost of the mortgage is about 15K plus you are borrowing every month and paying interest. You can only borrow on about half the equity. So if you were 70 and decided to take one you would...
Thomas Said:Is there anyone here that understands reverse mortgages?We Answered:A reverse mortgage is a loan against the equity of your home. All owners of the home must be 62 or older and live in the home as their primary residence in order to qualify.
You are still responsible for paying for taxes and homeowners insurance since you are still the owner of the home. As long as you continue to pay taxes, insurance and maintain the home as your primary residence, there is no repayment requirement. In addition, you can never owe more than your home...
Herman Said:Can I charge my sister with harrassment?We Answered:You can't. She has the right to be involved in your father's care, although not to interfere with the power of attorney.
How do you know her messages are abusive when you don't listen to them?...
Justin Said:My live in companion recently passed and my name wasn't on anything. What are my rights?We Answered:Vehicle bequest is invalid unless you were on the title. Otherwise it's an asset of the estate, and the executor has to decide what has to be paid.
How can you stay in a house that someone else owns. Reverse mortgage generally means house reverts to the bank and is sold on death unless the heirs want it. How did you think it would work?
Yes...and yes. A good lawyer might be able to get the estate to settle on the vehicle if...
Sarah Said:Tell me all about reverse mortgage and whoever offers it?We Answered:reverse mortgage or reverse equity mortgage is a home loan that does not require to be paid back as long as a consumer occupies the property. It provides a way of converting the home equity into cash, and does not require monthly payments as in other mortgages. Reverse mortgages are meant for senior consumers aged 62 or above.
A reverse mortgage allows a borrower to receive cash in a number of ways.
The cash is provided in one single payment.
The loan is offered as regular monthly cash advances.
The...
Melvin Said:Does a company have to go through a procedure before they suspend/sack someone?We Answered:I think that many of your answers have come from the US where employment law is very different.
Here in the UK it is not so easy, he can only be sacked for this accident if having such an accident is deemed to be gross misconduct. By it's very nature this is very unlikely
He can be sacked (with appropriate notice) if he is currently under the final stage of disciplinary action with the company(final written warning) and this accident is related to the nature of the disciplinary...
Joyce Said:What happens in a reverse mortgage and all the money is spent but the elderly people are still alive?We Answered:nothing happens
with a reverse mortgage the homeowner can stay in the house until they die and never have to make a payment.
if they are getting a monthly income from the reverse mortgage they also have to recieve it until they die or move out.
Reverse mortgages are designed so they can't hurt the seniorBobby Said:How does a reverse mortgage work?We Answered:How does a reverse mortgage work?
A reverse mortgage is a federally-insured home loan that enables homeowners, age 62 and up,...
Jeff Said:bank of america?We Answered:I'm not an expert on the bofa reverse mortgage itself, but basically it's obviously for "seniors" and generally when one thinks of a mortgage it's you paying the bank and eventually you get your home free and clear...well reverse the rolls, the bank pays the senior/s they live in the home...and eventually the bank owns your home, or when death occurs they are the primary on the home...the technicalities of it are very intricate and individual for each lender of this mortgage type...it's a good plan for some people who really have nothing to live on...
Daniel Said:i need a creative loan idea?We Answered:I don't think you need anything creative here. Do a normal refinance with cash out. She pays you off and does a reverse mortgage (or whatever) 2 years later. Nothing special about this.Maureen Said:What do I do when my mortgage company does not allocate my payments correctly?We Answered:Because NO ONE reads the memo line. Do it by mail and mark the payment coupon correctly.Kathryn Said:DID U KNOw?We Answered:Thanks Shorty!
Actually there are 3 ways you can get the money. You can get it in a lump sum, monthly payments or...
Reginald Said:can a reverse mortgage be taken out on a co-op apartment?We Answered:Good question......typically co-ops do not meet the criteria for either a HECM (home equity conversion mortgage) or Fannie Mae HomeKeeper program. They are acceptable in some States (New York for one) under the lenders proprietory product, sometimes called Cash Accounts.....Jumbo Reverse Mortgage. You would want to check with a Broker in your area who handles products Financial Freedom or Bank of New York. Hope this helps.
Stephen
ReverseMortgageSpecialist.comMarie Said:My mother and I are both on the deed to our house. She is 90. Can we still apply for a reverse...
Jon Said:reverse mortgage?We Answered:The most popular Reverse Mortgage is the Home Equity Conversion Mortgage (HECM) which accounts for over 90% of Reverse Mortgages done to date. The HECM is Federally regulated and insured (FHA---HUD) They set the rules and regulations. AARP just released a study
(12-12-2007) here's the web address that will link you directly to the report on AARP website...
http://www.aarp.org/research/credit-debt…
You can also go directly to www.HUD.gov to research Reverse Mortgages. Seeing it's their program why not go right to the source. Part of the Reverse Mortgage process is that you have to talk to an independent HUD approved...
Chester Said:Is a reverse mortgage safe?We Answered:Just to clarify for those who are not familiar with this term, a reverse mortgage is where a lender will actually 'buy back' your home from you based on your current equity allowing people that are retired to have a livable monthly income from their home, and not a lump sum from a home sale (not to mention a home to live in). This works in monthly payments from the lender to you personally.
As far as being safe, yes reverse mortgages can be a great way to draw the equity you've earned on a...
Alicia Said:How do we get the bank to take the house in a reversed mortgage?We Answered:You will first need to go to court and be named your grandmothers conservator, then you may sign the property over to the bank. It's called a deed in lui of foreclosure. Get a lawyer.Kristin Said:can a reverse mortgage be paid back before death?We Answered:Bank of America, and I imagine most lenders, will let you pay off the loan early....
Brittany Said:how long doesit take for a bank to take over the house of someone dead with a reverse mortgage?We Answered:Once they find out your grandmother has passed away they will expect that her estate will pay off the mortgage or they will foreclose on the house.
It probably depends on your state but I bet you would have about six months.
I am sure you are aware that the reverse mortgage is likely a non-recourse loan meaning that the bank will not come back against the estate for any shortfall.Stella Said:My father died 2 yrs ago, I recently found out that...
Jesus Said:Reverse Mortgage,Which is the best Bank?We Answered:I would say none since you end up with no equity in your home and your estate has to pay back these loans. Pretty much you are selling your home to the bank.Terrence Said:Who is the best Bank to go with in reference to Reverse Mortgages?We Answered:Check out Wells Fargo Bank. They do them. Wells Fargo Home Mortgage is a division of Wells Fargo Bank.
Good luck
BillArnold Said:reverse mortgage. is it against the law if you dont report the person that died to the bank?We Answered:If she has a reverse mortgage, the...
Caroline Said:If I become a trustee for a trust that names my disabled sister as a beneficiary, will I personally be taxed?We Answered:This a legal question that should have an attorney consult by you.
Anyway, you as a trustee will have fiduciary responsibility in operating the trust. This means that you have to act in your sisters best interest, invest in a prudent manner and preserve the assets as much as possible.
The only tax consequence to you would be if you take a trustee fee for your services each year. You would pay income tax on this amount but not self-employment...
Louis Said:House is worth $700,000 and could generate $35,000 per yr at 5%. Should I consider reverse mortgage or sale?We Answered:Sounds like a good idea for a steady income from the sale and investments. As you are of an age for S.S., it is tax free, and if you invest in long term treasury notes/bonds, there isn't any state income tax on that money. A reverse mortgage keeps you in your home, but you may need or want a smaller place with less upkeep, and the freedom from the utility costs.
You can do just fine by relocating, and...
Claude Said:best mortgage rates for a person who is thinking of buying there council house?We Answered:Ask the Council ..Anthony Said:I'm working for a company which we offer the best mortgage interest rates.?We Answered:www.propertymillions.com
Advertising for 3 years for as little as US$ 100.
That's well worth a shot.
If you want I can call you and tell you more, or just go to the site and contact us from there.Marcus Said:What is a good website to find the best mortgage rates?We Answered:Bankrate.com has a listing of most banks rates from around the country. 5.75 is pretty typical for today but you may...
Roberta Said:My husbands credit is SHOT due to medical...How to rebuild his credit when we really cant pay off the debt?We Answered:Did you have insurance at the time, are the debts due to your insurer not covering the charges?
If so then you should know there is a common practice known as balance billing, which often is illegal. When doctors or hospitals think an insurer has reimbursed too little, state and federal laws generally bar the medical providers from pressuring patients to pay the difference. Instead, doctors and hospitals should be wrangling directly with insurers.
Balance billing most frequently occurs when medical...
Elaine Said:Where, is the best place, to get a reverse mortgage? I live in L A .?We Answered:My husband is a loan officer and he may be able to help you. If you would like the number just email me.Jenny Said:Can anyone out there respond to a question I had from a friend about reverse mortgage.?We Answered:Don't do a reverse mortgage. It's the worst thing an older person can do... their home will just be stolen from them eventually.. Ugh bad idea...
Lydia Said:How to best warn the public not to use Countrywide (part of B of A) for reverse mortgages?We Answered:You might want to file a complaint with the Better Business Bureau.Ronnie Said:where to get the best reverse mortgage??We Answered:Topcat,
Do not do it . Reverse mortgages have more fees , higher rates and more clauses than the Iraqi war.
visit DaveRamsey.com to learn what the banks will not tell you. Visit AARP.org to learn why the banks will win and you lose.Reverse mortgages have forced closure clauses , vacancy clauses that put you out of the house before you know it.Kevin Said:What...
Harry Said:So what has Obama done in the last year?We Answered:Wasted trillions of dollars.Virgil Said:reverse mortgage loan limits in lassen county CA?We Answered:Hi Bob,
Here's the web address of FHA for loan limits.....
https://entp.hud.gov/idapp/html/hicostlo…
Make sure when you are looking at this that you use the pulldown menu on the page and look for HECM ( Home Equity Conversion Mortgage)limits. The stimulis package just passed by the Govt. is for forward mortgages and you will see higher FHA limits. It is expected that the FHA Modernization Bill will pass shortly which will change the FHA limits on HECM'S to a national limit...
Cathy Said:what is reverse mortgage, how is it calculated?We Answered:A Reverse Mortgage is a way for homeowners over the age of 62, to use the equity they have built up in their homes without having to make a payment for as long as they live in the home.
The calculation is based on the age of the youngest borrower, the current interest rate (1.5 plus the US 10 year t-bill), lending limits in your area, home value, and how much is owed on the home - any leins, mortgages, seconds etc.
There is a link to a reverse mortgage calculator on
www.reversemortgagefinance.com...
Claire Said:Questions about Reverse Mortgage..?We Answered:Reverse mortgages have gotten a bad reputation, mainly because people don't understand them. Also, because black sheep in the family want some sort of inheritance.
I have done reverse mortgages and first you need to be approved to do them, and then you are allowed some software that does this for you.
The principal limit period is 60% max of the homes value.
If you email me some specifics, I will run them through my system and email back to you all of the findings. This way you can determine the answers you are looking for....
Marian Said:How do you figure amortization by hand, without the help of a mortgage calculator?We Answered:There is a formula, but I don't remember what it is. But, if you can get that loan at that interest rate over 30 years, TAKE IT! That is a great deal.Ross Said:Online Mortgage Payment Calculator?We Answered:Try bankrate.com. You can play around with in adding extra payments, interest rates, and terms. I can't imagine a $200 mortgage anywhere in the US.Alberto Said:Where can I find a mortgage calculator that can determine how many years it will take to pay our loan back?We Answered:eloan.com...
Mattie Said:Reverse Mortage question?We Answered:I'm not sure, but can you transfer the 2nd house to a relative to be on the safe side? Just a thought.Leah Said:My grandfather passed away and willed his home to my mother, myself and my two siblings.?We Answered:You need to talk to an attorney who specializes in real estate.Tim Said:I am desperate for serious answers regarding debt and spouses.?We Answered:First off, I'm so sorry to hear of your situations, both in your father passing, and the devastating financial issues you are discovering. I am not qualified to answer your questions entirely, as I am...
Gene Said:Reverse Mortgage/chip mortgage what are the down falls? Could they take our home?We Answered:I am a Canadian Mortgage Broker and thier definately is some upsides and downsides to a Reverse Mortgage however in the past year Reverse Mortgage Interest Rates have come down. They can't take your home from you while you are living in it no.
A reverse mortgage secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.
The big advantage with CHIP is that you do not have to make any payments...
Hilda Said:Capitalism Caused the meltdown not politics.?We Answered:Let me tell you that regulated capitalism is a good thing. I totally agree that to prevent another crisis like this, there needs to be a lot of regulation in place but it's not that simple.
Let's talk about a tool called credit default swaps. Credit default swaps are basically insurance against default on a debt. The buyer of the contract pays annual payments to the seller who will pay money to the buyer if the issuer of the credit agreement defaults. Credit default swaps are useful as a hedge. If an investor buys...
Roger Said:cons of senior lending network ..is there a cheaper solution to reverse mortgage?We Answered:The cost of a Reverse Mortgage is weighted on the front end. Remember, a sizeable amount of money, or line of credit is put up by a lender, for the borrower to use with no payment as long as the borrower lives in the home.
If your goal is to live in your home for as long as possible, the initial cost is justifiable, but if you need money for a short term goal and plan to sell or move in a year or tow -...
Felicia Said:If my dad takes out a reverse mortgage of 40,000 on a line of credit, and pays 750.00 a month...?We Answered:yes, this is a reverse mortgage. your home does NOT have to be free and clear, and while you do not have to make monthly mortgage payments, you can in the adjustable program.
assuming he only takes out $40k from his LOC, and the adjustable rate remains at 3% constant, and he pays around $750 every month, it would take him about 5 years to pay it back. most banks don't want you to...
Jamie Said:A lot of people think, to take some of the spotlight off of Barack Obama?We Answered:I think most Americans are going to reject McCain/Mitt and their lobbyists friends....
Margie Said:Would this be considered trespassing?We Answered:It should be noted that real estate law (including landlord-tenant) is rather complex and many times specific to your jurisdiction. My response below is general guidelines. If there is any animosity or refusal to cooperate at all between your mother-in-law and the daughter, I strongly suggest you discuss the matter with a local attorney experienced in these matters.
First, if the daughter isn't the legal owner of the home, she has no legal right to kick your mother-in-law out. Technically speaking, unless the mortgage company (true owner) has given her some form...
Laurie Said:Do you know what Obama HAS accomplished in 6 months?We Answered:Don't you listen to the neo-cons....you're wrong. Don't confused their blind hatred with FACTS! There's no place for that here. As far as all the things he's done, well he....he.....LOOK!!! A fake Birth Certificate!! (what was the question?)Patrick Said:Financial obligations are killing me . . .?We Answered:WOW! You are fustrated! I would be too. Do you think that you need to work all the time? Can you take less stress off of you and down size your living? This will help very much. Your husband is only going to...
Tanya Said:Please outline the advantages and disadvantages of a reverse mortgage? Who is it really good for?We Answered:I don't think a reverse mortgage would be good in their situation. While it usually is beneficial for older people to get it, they still have a large amount of debt on their house. A reverse mortgage is for people that have little or no debt on their house. They don't want to sell it to get money, because they need a place to live. So the mortgage company pays them monthly dividends, they get extra money, get to stay in the house...
Don Said:for those of you who've don the homework on reverse mortgages, could you enlighten me?We Answered:Reverse mortgages are great for those who did not plan well for their retirement. And need more money to live out the rest of their days. But mind you if you sign up today and die next week. The reverse mortgage lean holder will take the house outright and there will be no inheritance for anyone. If you have equity built up you might try to get a loan off of that. I had Friend who had their kids give them extra money and...
Shirley Said:I want to use the equity in my house to pay for a loft conversion, how do I go about this. Is it feasible?We Answered:you do not have enough equity. 83/103 = loan to value of 80%. Do not leverage anymore. Save and pay for conversion with cash instead.
add some principal to each loan payment so you can get your loan to value ratio down faster.Kelly Said:Effect of Charging Order to remortgaging for equity?We Answered:Best to see a solicitor first.Ben Said:If No Foreign Investors Would Touch AIG, WaMu or Merrill Lynch, Can Taxpayers Expect a 'Return' from...
Cody Said:Can a debt collector physically show up to your home to collect on a home equity mortgage?We Answered:No. These guys bluff better than poker players or hustlers in a pool hall. You don't owe anything to the debt collector. You owe the retailer or merchant. The retailer/merchant sold your debt to the collector for pennies and now the debt collector is trying to collect from you so they can make a profit for the buy off the retailer you are dissing.
loveyalaterseeyabye/bdiBrittany Said:equity or registered mortgage............?We Answered:in equitable mortgage (in olden days known as english mortgage) you just hand over...
Benjamin Said:someone WHO CAN EXPLAIN TO ME WHAT!!!?We Answered:A Reverse Mortgage lets you access a portion of the money your house is worth without any payments due until you move out or die. The Deed remains in your name. The Government does not make the loan, although the Lenders have to comply with strict guidelines. The house does not "go to the Bank when you die". Your heirs can refinance or sell the home, paying off the Reverse Mortgage and the interest and fees that will accumulate during the time you have the Reverse Mortgage in place. The...
April Said:Can I sue someone for taking all my dads money?We Answered:Against my better judgement, I'm going to respond to this one. Is your father mentally unable to handle his day to day business? Does he need you or other family to help him make decisions on a daily basis? You would probably want to contact the proper authorities regarding elder abuse and they would take it from there, but at the same time, if you have no information on this so called "friend" there is no way to drag her into court let alone for them to be caught....
Jerome Said:taxes on elderly Mothers social security income?We Answered:Taxes and your Social Security benefits
Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.
No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules.
If you:
* file a federal tax return as an "individual" and your combined income* is
between $25,000...
Adrian Said:Second Level Review FHA Real Estate Help Needed?We Answered:Take the appraisal you have and go to a broker. The great thing about us brokers is we have multiple options. When you deal with a bank like CW/BofA it's like going to McDonald's, you get what they have on their menu at their price.Louise Said:Reverse mortgage HELP PLEASE?We Answered:Good day,
I am Richard a private loan lender, i give certified loans to serious minded individuals and company at an interest rate of 5% with total loan repayment allowed weekly monthly or yearly depending on how you can make repayments...
Kristina Said:Need a wizard with financial calculator. Anyone?We Answered:I'd vote for the student loan. It is the higher interest rate. Once it is paid off, you can then free up the money that had been paying it and send that against the mortgage to pay it off years earlier or stuff it in a savings account each month if that is the goal.Nicholas Said:My Sharp EL-733A financial calculator does not have I/YR or P/YR buttons. What's equivalent?We Answered:If you post this question in the Science and Mathematics category someone browsing there may be able to help you with...
Marian Said:Where is the best place to find mortgage rates on cooperative loans in New York?We Answered:Here's a good site that keeps home mortgage rates up to date: http://www.whataboutloans.com/mortgage/m…Rosemary Said:Where can I find the best current mortgage rates, aside from Bankrate.com?We Answered:If you know enough about what programs you will qualify for and how much down pmt then you can poll a few brokers or banks on rough rates.
If you have no idea what programs you qualify for, then you will need to apply for a loan.Stanley Said:Where can I find the best mortgage rate right now?We Answered:The only way...
Edith Said:Can you do a reverse morgage when you are losing your second?We Answered:The two issues are not really connected.
Here's some info on a reverse mortgage:
http://www.aarp.org/money/revmort/
If she actually has TWO HOMES, the loss of one is irrelevant to a reverse mortgage which has to do with the home a senior lives in. He ends up either having started with a paid off house or in the process the house IS paid off and the equity of the house, less interest, etc., is then doled out to him based on a formula for his anticipated lifespan.
The person must still...
Monica Said:Legal Question re: reversing a property sale, bad taxes on property, and Grams loosing her home...Help please.?We Answered:Once the property goes into tax foreclosure, I doubt you're going to be able to get it out just by paying up the taxes. What you'll probably have to do is buy it at the auction. As for the 'being of sound mind' part, it sounds like you might have a case, but I don't think you'd be able to make anything happen without a lawsuit.
Edit: An honest attorney will tell you what needs to be done and inform you of the...
Sidney Said:are reverse mortages a good deal consideringf property values?We Answered:Right now is a good time. Interest rates are low which means you get more money. The lower the rate, the more money you get.
Also, there's no credit or income check which makes it all the better in a bad economy....
Christian Said:Can a Person Receiving a Reverse Mortgage be Absent from the House for Long Stretches of Time?We Answered:Yes, the reverse mortgage must be on your primary residence. They will verify it during the loan process by looking at your utility bills, mailing address, etc.; especially if they see you own multiple properties. You cannot be gone from your primary residence where you have the reverse mortgage for more than 12 consecutive months. Lenders ask that you tell them when you will be gone for a while; don't know if folks actually do that, but...
Jacob Said:Government Reverse Mortgage?We Answered:what about it?...
Suzanne Said:formulae for reverse mortgage?We Answered:Let
Face value of mortgage = $180,000
Interest rate = 4%
But from [ http://www.reversemortgage.org/hecm.htm ] we know that "The
interest rate charged on a HECM is adjusted monthly or annually – the
borrower chooses. However, these adjustments don’t alter the monthly
payments that borrowers can receive (if they have chosen the monthly
payment option). Instead, the adjustment affects the total interest
that is charged on the loan, which is added...
Jacob Said:In a Home Equity Conversion Mortgage (HECM)...?We Answered:This is my actual business, so I know what I'm talking about here.
The same thing that happens when anyone with a mortgage dies. If he has a will or heirs, they will inherit the home. Just like a traditional mortgage, the heirs would pay the loan off with whatever money they have, sell the house and pay the loan with the proceeds (additional proceeds are theirs), or if someone wants to keep the house, they may be able to refinance into their own names as long as their income and...
Bruce Said:How do I obtain a reverse mortgage?We Answered: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...
Bobby Said:is there a way to find out home much of a mortgage a particular house has, is this public information?We Answered:The current balance of a mortgage IS NOT public information. All you can find out is the amout of the mortgage when it was created.Mitchell Said:What I Need to Know Before Applying My First Home Mortgage?We Answered:Before applying for your first home mortgage loan you will want to shop around and see what average home mortgage loan rates are. Shopping for home mortgage rates online is a timesaver and frequently have lower rates as well. Your home mortgage rate...
Howard Said:Do you know the details of New Jersey's "Live Where You Work" Home Mortgage program?We Answered:sounds like they want you to be a LO or loan officer or at least bringing them deals. what kind of split are they giving? how are they tracking it? if you want to work from home doing mortgages then don't bother with these type of ads. Look on CL under jobs / under real estate / under LO or positions for LOs. This way you know it is an acutal brokerage and you won't get scammed. I hope this helps and have a...
Margaret Said:are there still government first time home buyer mortgage programs?We Answered:Yes. Talk to a mortgage broker in your area to find out which programs you may qualify for. Some of the programs will require you to take a home owner's class to get a reduction in interest rate.Curtis Said:Are there any long term mortgage assistance programs for disabled (quadriplegic) home buyers?We Answered:friend or not, it's pretty shady to ask for assistance in this case when it's likely that his medical bills, food, housing, basically his entire life are paid for by the government already
not that anyone wants...
Wayne Said:Home loan interest rate - was I quoted wrong?We Answered:go to another lender..
your payment on $73,000 at 6.25 is $445.69
it is "illegal" for lenders not to disclose your "APR"
and that is a huge difference..it is usually only
and this is an ap....2% of the loan added to the $73,000
making your monthly payments ap. $457.00
so in other words....if you don't like what this lender is saying about the "APR" do not sign...
get another lender..
$908 for a monthly payment is on a $148,000 home at 6.25%
get another lender.........."Citi bank" and "Bank of America" are actively looking for new clients and...
Jaime Said:Will home mortgage and sales recover when lending rates get down to 3.25 % ?We Answered:It will be a long, slow recovery.Cassandra Said:Even though the Fed lowered rates multiple times why haven't home mortgage rates gone down accordingly?We Answered:I will try and make this short but its a complex question. Mortgage rates are not controlled by the Fed. Usually the Fed at the start makes it worse.
I disagree with the first poster about one thing. Banks dont make up what the rates are. The bond market does. The Fed controls what banks charge eachother....
Lori Said:trustee wont sell home with reverse mortgage?We Answered:Call the lender's servicing department and tell them your father died, give them your brother's name and address. If he's cashing the annuity checks, he's committing fraud. If you know about it and don't rat him out, you could be considered an accomplice. And you're getting screwed because the interest on the reverse mortgage is mounting every day, and fees are being incurred. Your brother is messing with your inheritance.
He has to do something because once the person with the reverse dies, the loan is due.
In fact,...
Pearl Said:Help me find the information on if a mortgage company can force you to insure your home to loan value?We Answered:I would check in your loan package and see the documents that you signed relating to the requirement to carry insurance. I trust that you are talking about about hazard (home owner's) insurance, rather than mortgage insurance. It is certainly typical that the lender wants you to have insurance to cover the amount of the loan. If the home is destroyed in a fire or other tragedy, they obviously want to have the amount that is...
Janet Said:Will my home be foreclosed on (reverse mortgage)? What is the Procedure? Do I have any recourse?We Answered:The FHA requires (let me stress that: REQUIRES) that at least one of the owners is living in the house. If you are the only owner, that means you. This was made clear when you got the reverse mortgage. If you are gone for 12 consecutive months, your mortgage is due. It's fine if you spend 6 months in Florida and 6 months in Michigan, but if you're gone 12 consecutive months, it's time to pay the...
Marc Said:Quick idea of reverse mortgage?We Answered:To get a reverse mortgage, there has to be no debt on the house.
So, no primary mortgage at least. I've heard of a few rare cases where a person had a small secondary mortgage on their residence.
I don't believe you have to own the land, but I could be mistaken.
If the mortgage is free and clear, she could probably get $300-$500/month, that's presuming that the costs of the reverse mortgage are only $10,000.
Good luck!Sean Said:What is a reverse mortgage?We Answered:I'm in the Reverse Mortgage Business and I'm going to give you some websites that...
Arlene Said:BACKGROUND ON Reverse Mortgages?We Answered:A Reverse Mortgage is a loan against the equity in the home that provides tax-free cash advances
and requires no payments. It is not due and payable until the borrower no longer occupies the home as a principal residence. No matter how high the loan balance grows, the borrowers or their heirs never owe more than the home's market value.
To be able to obtain a Reverse Mortgage, a borrower must meet the following requirements:
• Must be at least 62 years old
• Own your own home or condominium
• No income requirements
• No credit requirements
The proceeds...
Louis Said:How long does it take to reverse your credit score even a little bit?We Answered:Usually your credit report will correct quickly from a 30 days late payment, once you pay it off. If you have a lot of 30 day late payments though, they can hurt you. If you are ever 90 days late, even once, that will hurt you a long time. See the links....
Jeffrey Said:what happens to a reverse mortgage after the person passes away. How does that work?We Answered:The property is sold by the estate and the balance owed on the mortgage is paid from the proceeds of sale.Kevin Said:what is a REVERSE MORTGAGE and how does it work?We Answered:You pay all principal first. Problem is that since you're not paying much interest the amount that you can write off practically goes away....
Laura Said:how does reverse mortgage work?We Answered:Here is some good info on reverse mortgages:
http://www.regionalmortgages.com/reverse…...
Gregory Said:Exactly how does a reverse mortgage work?We Answered:Basically you take out a loan against the value of your home. The bank gives you cash in return for a payment that they expect when the owner dies, sells the house or vacates the home.
Unlike a traditional mortgage, the home owner makes no monthly payments. All the interest on the amount the bank lends you is added to the lien on the property and it's all paid out upon those events I mentioned.
These used to be marketed to older people who need immediate funds to live on, but don't...
Norma Said:How do reverse mortgages work, in simple terms?We Answered:My peers are partly correct.
a Reverse mortgage is exactly what it sounds like; instead of the
borrower making monthly payments to the lender after getting
a lump sum payment......the lender lends the borrower a fixed monthly payment. NO payment is due to the lender till the
end of the mortgage when either.......
the borrower has died and the estate does not want the house
so the lender forecloses.
or..........the insurance if there is any, pays back the
lender and the house is debt free to the estate.
or, if the borrower lives long enough, at the end of...
Mae Said:how do you feel about reverse mortgage's now at the present time?We Answered:uh...of course. Pay it off just like any other mortgage. Of course you have to be 62 to take one out?Amber Said:Is reverse mortgage right for this person?We Answered:First, no the reverse mortgage is NOT going to pay her other mortgage, she will have 2 of them. They also will not give a lump sum, it would be a few hundred a month until the 15k was reached....
Carla Said:Financial advice needed..?We Answered:The amount of dept (at her age) is not as important as the amount of monthly payments. When she goes her credit card debt goes. Also, you can call each lender/credit card company, tell them she is recently widowed and you are helping to negotiate a smaller monthly payment. They will do this because they would rather have some money than none at all. Finally, make sure none of the children's names are on the credit cards so they the children don't inherit the debt. As for the land,...
Sonia Said:For people who want to stay in their homes would this help you?We Answered:Why not let the government buy their homes and then rent it to them as section 8 housing?
Or maybe declare the buyers as mentally incompetent and declare them wards of the state?
It's hard to blame the buyers as most of them were educated in government schools and were taken advantage of by greedy mortgage companies. They should be protected from the complexities and hardships of this world.
Added: No bfdco8 this is a rant.Marc Said:Home repair grants in Texas?We Answered:her disability is emotional, not physical...
just tell her...
Jon Said:Can I qualify for a HUD reverse mortgage?We Answered:You'll have to furnish further details to answer your question properly. If you dont wish to be clear with your details, I can you can help your self from the following article on suite101 magazine.
http://www.suite101.com/content/tips-on-getting-a-reverse-mortgage-with-bad-credit-a227755Jacqueline Said:2009 my mom passed away and she had a reverse mortgage Thur hud, my ? is can i stay in her home?We Answered:If you are her heir, you can stay in the home, however the loan became due upon your mother's passing. If you inherited the property, you own the home now and have a...
Ryan Said:Do you think its funny when McCain supporters still say they dont know what Obama's change is?We Answered:No, because they do know. And they also know that it is a bunch of BS and will never happen.
"Provide a tax cut for all families making less than $75,000 a year"
Wow.. what happened to the $250,000? Now it is $75,000? What will it be by the time he takes office??
Tax cuts for those that don't make anything???
Nice points dude!!...
Carole Said:Mother passed away and brother is trying to take property and bank info from her home. Wants probate attorney.?We Answered:YOu need to get a probate atty, get your butt to the courthouse and get an intestate estate opened if you hope to have any impact on what will happen here.
The reverse mortgage property is technically owned by the bank pending the determination of the open reverse mortgage. You generally have the option to pay it off or the bank takes posession.Curtis Said:capital Gaines tax info?We Answered:Your brother cannot distribute the furniture if there are still debts to the estate.
That...
Tom Said:Need info on mortgage loan modifications?We Answered:Find someone else.Danielle Said:Where can I find more info on mortgage lending?We Answered:I would be happy to help you. You'r right. There is no one place to go for this. I teach a course called Mortgage 101. I can send you the book we use in the class if you'd like. Please contact me at dparks@buyusa1.com.Ashley Said:Can somehow give me some info on Mortgages and how they work for a 1st time homebuyer?We Answered:Right now you really don't earn enough to purchase a home over $150,000. One of the key factors in...
Jo Said:Holidays bring out the worst in some family members why?We Answered:I don't think it's the holidays. Your uncle sounds like a year round person with some major issues. You can probably assume he is living for the moment and way beyond his means: buying a new TV was more important that putting that towards solving his money issues? He obviously doesn't want to hear the truth from you or from anyone else. You are from another planet, his wife is stupid...what else can he come up with to explain his misery. I think you should...
Donna Said:Illegal foreclosure?We Answered:You will need to get proof of the reversal in the form of a document. If you go to the websites of Equifax, Experian and Transunion, you can find out how they want you to submit this proof in order to have the foreclosure removed.
One important fact you should be aware of is that it takes a great deal of time to get the removal of any error on your credit reports. You may have to submit this proof several times. Also, you should be aware that the forclosure reversal will not come off of all...
Miriam Said:Attn Webmasters: How can I improve this website - www.reversemortgagepage.com?We Answered:hi,
you have a nice looking site. i would definately modify the code of your website to be more search engine friendly. i looked up, that in july the term reverse mortgage was searched for57,226 times. that is a huge market, you should be optimizing your website in such a way that you appear at the top of the search engine results. do you have any data on your site? do you know how long visitors stay and their behavior while on the site? that can be key info as...
Ana Said:First time home buyer in Buffalo- Mortgage Information?We Answered:As an FYI… per the Federal Trade Commission (FTC) http://www.ftc.gov/freereports , there is only one source for you to get a free credit report from all three credit repositories, “annualcreditreport.com”. https://www.annualcreditreport.com/cra/i…
Do not give anyone else your personal info without seeing them in person.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (it’s not advice, its advertising), if they are not local to you and you can’t get to them within 1...
Lori Said:Information on mortgages for a potential first time home buyer?We Answered:With that credit history, let's just say it will be a "challenge."
Currently, renting is not really throwing money out of the window. When you buy, there are quite a few fees and taxes you have to pay that will not go towards your equity. For example, property tax, and association dues on a condo. Buying makes more sense financially if house prices are going up, and currently they are not.Geraldine Said:Good source of information on house mortgages?We Answered:Go to "Lower my bills.com or lending tree.com - there is a...
Alberto Said:So many reverse mortgage questions!?We Answered:The reverse mortgage program was set up by the Federal government to let elderly people with lots of home equity access that equity to have more money to live on. It was a way of counteracting the effects of inflation on pensions for really old people who didn't have many assets other than a home.
The programs are not for everyone. They do have large fees. But if you are 75-80-85, on a fixed income, do not care if your children get the money from your house (or don't have...
Marcia Said:Reverse Mortgage, Good or Bad idea?We Answered:You want to get it through a reputable mortgage lender. I'd be very worried about the fine print. The AARP has good advice on this.
In general it seems like a good idea. You've spent your life building up equity in the house. You might as well spend that money, but you don't want to move. So you sell your house to the bank, who has a contract to let you live there as long as you want. (That's why you'd better make sure it's a...
Dawn Said:my husband is 65 and I am 54. If we went with a reverse mortgage, what would happen if my husband died before?We Answered: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"
/Stephanie Said:How do I talk my dad out of getting a Reverse Mortgage Loan?We Answered:If you own any part of the house and refuse to sign off...
Peter Said:disability living allowance and all benefits and lower income this is how it look s?We Answered:Agreed = we can't afford to pay out to support other nations citizens when our own need help.
Time to put a stop to all UK Taxpayer funded foreign aid......
Tommy Said:How can people blame the free market instead of the government's easy credit policies for the Crash of '08?We Answered:Nice try. Banks are in the business of assessing risk and supposed to be good money managers. They put their straw boys in to suck down all the loans they could get then resold them out of the country as fast as possible, but not fast enough.
You're going to say its government policy for a bank to loan money to people they know can't repay it? Nice try, but it isn't cutting it.
Policy did play a part, but the bottom...
Dorothy Said:Is it a good idea to take reverse mortgage?We Answered:Your parents are still young. They could easily out live their equity and end up loosing their home. If they had retired 10 years ago this would be an OK idea, but considering their age this could be a disaster.Lewis Said:Is doing a reverse mortgage a good idea or are they to costly/?We Answered:This is from an article at http://www.reversemortgagepage.com...
Am I comfortable with the disadvantages of a Reverse Mortgage?
This is perhaps the most important question you must ask yourself. You first must know...
Becky Said:My mom is 74 and is behind on her mortgage due to cancer. She is concidering a reverse mortgage.?We Answered:I am sorry for your Mum's situation, that is really hard to deal with. May I suggest that she first talk to her lenders and see if they can offer her any help? Once they know of her situation, they might be willing to be flexible. Also, can her family members help her out for a while? I know that's not always possible, but it is worth a thought.
Best to your Mum. Please look at all other avenues first before...
Charlie Said:do you have income with a reverse mortgage loan?We Answered:I really dont know, but it sounds to me like it shouldnt if you lived in the house for 2 of the last 5 years on like the first $500,000 of profit.
and if it is taxable, im sure only a fraction would be taxed from each months draw. the portion that is considered profit would be taxed, not your basis.
this is what sound the most reasonable to me
call the irs.gov peopleHeather Said:Reverse mortgage, what are the payback options and how is the money accessed and distributed?We Answered:Payback option -...
Ana Said:How long will it take the latest 3/4% interest rate cut to affect the mortgage and loan companies rates?We Answered:Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month<!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay.
http://mortgages-finance.awardspace.com/Mortgage-Rate-Compare.htm
Monthly repayments made on your mortgage and the amount that was borrowed, is determined by...
Felix Said:I sell Reverse Mortgages. Where can I get solid & fresh leads(homeowners 62yrs & older) for potential clients?We Answered:How about you peruse the obituary column on a daily basis (Maui Times, or whatever) and check for people who are survived by their spouse, and match your criteria.. I bet they're all KINDS of worried how they'll make their mortgage payment now that "Henry" has passed..Rodney Said:Is Peter Schiff right about Obama's bank regulation plan?We Answered:Yes government regulation and government creations fannie and freddie allowed the housing bubble to happen.Glenn Said:Where do I buy "reverse mortgage" leads?We Answered:As someone who...
Tyrone Said:Why don't people realize that a reverse mortgage is a scam?We Answered:And I suppose your better idea would be for the old people of america to just quit claim their homes to you instead and expect you to take care of them.Misty Said:How much does reverse mortgage counseling cost?We Answered:The borrower doesn't pay for it at all. The lender pays. On most, if not all, reverse mortgages, the borrower doesn't pay anything if the loan doesn't close. Say your appraisal is too low. You don't pay any fees.
Look at the AARP website. They...
Willard Said:Is a reverse mortgage a good loan if my house is paid off?We Answered: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...
Craig Said:My mother and I shared a home for 35 years. In 1990 I paid off the mortgage what are my rights as to the home?We Answered:After reading your question,completely it became clear to me(Legalwriter) that your problem lies in the fact that the homestead is in dual names.I'm almost possitive it dosen't who's name is first on the document. I'm sorry....
Jon Said:mortgage calculator?We Answered:you can find it in tools on this website
www.realestate.com.au
hope this helps...
Kimberly Said:How to calculate break-even point on a home sale?We Answered:If you have kept track of all your expenses, then just add them up and add to what you paid for the home. So it would be something like this:
Original cost+down payment+total of all payments made+your closing costs when you bought the house+insurance+closing costs when you sell+maintenance and repair+realtor fees+++whatever else you spent or will spend=the amount you need to sell for to break even.Robin Said:Where can I find a mortgage calculator that calculates the total cost for your home based on monthly payments?We Answered:I believe you are asking...
Jordan Said:My community mortgage loan program of FanniMae.?We Answered:MyCommunity Mortgage by Fannie Mae is a great first time homebuyer program. In most communities, the borrower must make less than the area median income as defined by HUD.
There are traditional guidelines which the program follows, however, most brokers and lenders use Desktop underwriter, Fannie Mae's automated underwriting system, which creates large exceptions to their rules, approving loans for 100% financing with credit scores down to 580 or less. Borrowers do not need to have significant reserves (cash in the bank), and Fannie Mae has eased up on the rules...
Ana Said:Would reverse ARMs help in resolving the subprime mortgage problem?We Answered:I think what you are proposing is basically a principal shifting account, where the banks agree to not accrue interest on a portion of the principal. If this were possible to do I believe that the banks would be offering it, the reason they are not is because they would lose, based on your numbers, 20% of their income from mortgage interest accounts.
If you saw the Bear Stearns--Countrywide etc failures you would realize that the economy is in such a slippery state that any shifting of income...
Alice Said:First time mortgage questionnaire online?We Answered:As a rule of thumb, banks will lend you about 2.5 to 3 times your annual salary. From a payment perpective, they want to see the housing costs (principal, interest, property taxes and insurance) to be 28% or less of your gross monthly income, and housing costs plus all other debt payments (student loan, car loan, credit cards) to be less than 36% of your gross monthly income.
There is a homebuying for dummies book you can probably look up online or at a library that does a decent job of walking you through...
Regina Said:How do current mortgage rates help new home builders?We Answered:Most economists predict that interest rates and home mortgage rates will remain low for some time to come. There may be some slight increases later in the year as the economy and the housing market improve but the rates are at record lows and now is the perfect time to buy a new home.
Have you spoken with a lender? It is possible to lock-in a rate for a small fee and thereby guarantee that you will not see substantial increases.Reginald Said:Will the interest rates for home mortgage expected...
Sally Said:What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?We Answered:barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to PEOPLE WHO COULD NEVER PAY THEM BACK..Carla Said:Difference in rates between home mortgage and real estate investor mortgage?We Answered:Usually its 1.5% to the YSP (yield spread premium). Lenders pay the brokers a fee to do the loan, this is in addition to what a broker charges you. So lets say the lender wants to make 1.5% in YSP. So they look at rates and say okay...
Claire Said:Who flip/flops more, McCain or ObamaWe Answered:Most of whats on here is false,this is probably copied from moveon.org's website or Michael Moore's blog
Obama flip flops everyday,even CNN reported his flip flop on drilling.Enrique Said:Should mortgage relief be in the form of an underwater reverse mortgage?We Answered:If your stupid enough to buy a house you can't afford, you should live in the street or in your car.
If you live in an apartment or small home, great!
I always thought life was a learning process. that's how my parents and grandparents got wise.Renee Said:Do you believe that George Bush is to...
Zachary Said:law, malpractice,countersuite?We Answered:The judge has a good point. The quicker the claim gets settled out of court the less the fees you will pay. Sometimes legal fees eat up all the money. Decide if all the fighting is really worth the amount of money you stand to receive in the end.Kay Said:Can a negative mortgage escrow be reported as past due on my credit report?We Answered:You have a number of ways to combat this, but you may need some outside help.
I would dispute the item with the credit bureaus first, as you will need to do...
Jon Said:MOM WANTS REVERSE MORTGAGE...?We Answered:You have to have equity in a home in order to get a reverse mortgage, and it would not be for the full amount of the equity. So if the home value is less than current loan balance, it would be impossible for her to get a reverse mortgage since it currently has no equity to borrow....
Adam Said:can a homeowner request new york city take over property?We Answered:what is the address of the prop. I will see if a contact will take it over for you....
Karl Said:If a family has a reverse mortgage, can they get out of that, and refinance to get money out of their equity?We Answered:They may be able to refinance the reverse mortgage and get a lump sum and continue getting the monthly payments from the reverse mortgage.
They can talk with a reverse mortgage specialist about this.Vincent Said:How much equity is needed for a reverse mortgage?We Answered:It is usually about 50%, but they also hold his others debts against him, which could lower his actually equity amount.Anne Said:Is there a reverse mortgage available for people less than 62 years old?We...
Randy Said:How does a reverse mortgage work?We Answered: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...
Tracey Said:Are reverse mortgages worth it?We Answered:First of all, how old is your mother. Under 75, reverse mortgage is not a good option here. Over 75 - maybe. I believe you should first speak to an elder law attorney. The correct move might be to prepare your mother to have medicaid pay for the nursing home.
Accessing the equity in the home for only $30K, no matter what the route, is going to be expensive on a % basis. With a reverse, it will likely be prohibitively expensive.
But let's ask a question - Why does she...
Dale Said:Is there more than one way to buy back your house if you have a reverse mortgage?We Answered:Ask the mortgage holder if they will settle for less than the full amount. Perhaps, if the house has dropped to value of less than what you owe they might consider it. Very unlikely, but possible.Marcus Said:How does one get out of a reverse mortgage? ?We Answered:The first thing to do is to find out WHERE the money is going! Something is far from OK here.
Sure it would cost more than had been deposited, just for interest on the money in...
Kathryn Said:reverse mortgage for under 62?We Answered:You won't qualify for a reverse mortgage due to your age. However you could probably take out a hard equity loan. This is a loan through a private lender and they usually don't require a credit check since the loan is over-collateralized by the value of the home.
The costs are steep and the interest rates are usually very high but they could probably easily lend you the funds you need to bridge you to closing. Be VERY careful with these lenders however. Seek out a reputable...
Gladys Said:Since Progresssives think private property births native terrorism is the gov't stealing the last 5% ...?We Answered:I've been doing mortgage banking for over 20 years and I think reverse mortgages are heinous. It used to be you worked for a company for years and you retired with a decent pension. Then came the go-go 1980s and Reaganomics with all that deregulation. Pretty soon you had corporate raiders using leveraged buy outs to take over and then they raided the pension funds. They had billions at their disposal of which they disposed of living like kings....
Toni Said:My dad left family home split between myself and lover. She has usufruct until her death. Who pays the repairsWe Answered:Tell her no. She's going to have to come up with a reasonable offer to buy out your half if she wants it. What's to say all the remodeling even increased the value anyway?
Your half is half the value of the house, period. So get an appraisal to find out what it's actually worth.
Sounds to me she needs the money to live on but why should you get screwed over in the process? There is...
Arlene Said:what is the pros and cons of "reverse mortgage"?We Answered:Warmspirt,
I'm sorry but there are many misconceptions out there about reverse mortgages. Many of them are listed by some of these replies.
There really is only one downside to taking out a reverse mortgage. The children are not left with 100% of the value of the home for an inheritance. From my experience and my own personal view, most children would want their parents to live their life to the fullest and don't care if part of their inheritance is reduced. It is YOUR home and you worked...
Audrey Said:OK. I've read just about everything there is to read about reverse mortgage...?We Answered:The answer is: ANY mortgage lender. I have no idea what this counselor is you refer to. The process is actually quite easy, you do all the things you would do to qualify for a mortgage on your house, but instead of borrowing from the lender, you borrow money against the equity in your house. Since the equity is more or less a guaranteed amount of money, you do not need a job or even have good credit. In essence, you are selling your home equity...
Pauline Said:CAn someone explain a reverse mortgage purchase when buying a home?We Answered:A reverse mortgage is not a purchase at all it is a refinance of his current home. There MuST be a lot of equity in the home in order to make this one work. It is an FHA product for the elderly that allows them to take cash out of their home and never pay on the money. It just sits there and collects interest and at the time of their death the property must be refinanced by the estate or sold to satisfy the loan. If there...
Priscilla Said:I am 65 and my wife is 60. We own our home JOINTLY. Do we qualify for a reverse mortgage?We Answered:Reverse Mortgage Eligibility:
All borrowers must be 62 or older
Must be listed on title of the property Participate in a Reverse Mortgage Counseling session
Must occupy property as primary residence
Type of Properties Eligible for Reverse Mortgages:
Single family homes
Multi-family homes (2-4 units)
Condominiums
Manufactured Homes
Townhouses
hope this helpsKay Said:how do i qualify for a reverse mortgage?We Answered:Try this resourceTheresa Said:Can you qualify for a reverse mortgage if you file for bankruptcy?We Answered:If you filed for bankruptcy, I would imagine that you don't actually own your...
Jennifer Said:Theoretical question about mortgages and banks and going bust?We Answered:technically yes if interest rates fell to 0 per cent i would have to pay 0 pounds per month back , but we all know what a bunch of bastards the banks are . they lend unrealistic amounts of money to people they know to well who cant afford it then go cap in hand to the government to bail them out and still demand arrears and threaten people with repossession when they were the ones who got people and the economy in the state it is now. **** the...
Ronnie Said:What is Mortgage? How does it's interest rates of mortgages affect the sale of houses?We Answered:a mortgage loan is really two parts. There is the finanacial responsibility of the loan, this is the note and whomever applies for the loan signs the note. the mortgage itself or deed of trust depending on what state you live in, is signed by the individuals holding title to the property. One person has to be on the deed and on the note for the transaction. This document is the agreement between the title holders and the bank to...
Harvey Said:my reverse mortgage is almost emtey,can i refinance?We Answered:There are really only two options. How long ago did you take out the Reverse Mortgage? If it was some time ago, there is a new HECM that just came out called the HECM100. It replaced the HECM150 (which you probably have). THe interest rates are lower, so it allows the borrower to take more money.
Also, if your home has increased in value, you could always sell the home, pay off what you borrowed and use the spare money as cash (depending upon whether or...
Yolanda Said:Reverse Mortgage question, please help!?We Answered:GET A HOME EQUITY LINE OF CREDIT.
You are waaaay too rich for a reverse mortgage.Edwin Said:What do appraisers look for in valuing a property for refinance?We Answered:Bottom line, they look at what comparable homes sold for in the last 6 months. No upgrades or improvements will give you 100% return on investment, so it is probably not in your best interest to throw a bunch of money at this in an attempt to get a larger amount for the reverse.
Of course you want your house to be neat and tidy when...
Penny Said:If you don't qualify to refinance a reverse mortgage, can you circumvent that with co-signers?We Answered:u could .depends on circumstances . not enough info for valid answer....
Vincent Said:Reverse Mortgage. Should she get an annuity?We Answered:what kind of annuity?
no to a fixed period of years annuity, maybe to a life long annuityWilma Said:Can I have a reverse life insurance policy, where they pay me as long as I live and they get money when I die?We Answered:Sorry, but no. What ensures the money will be there when you die?...
Bonnie Said:Home Equity VS Reverse Mortgage?We Answered:Reverse Mortgage:
http://en.wikipedia.org/wiki/Reverse_mor…
A reverse mortgage (known as lifetime mortgage in the UK) is a type of loan available to seniors (62 and over in the US), used as a way of converting their home equity (the value of the home, minus the amount of any existing mortgages) into one or more cash payments while retaining ownership of the property (continuing to live there) and avoiding monthly payments. Repayment of the loan is deferred until the borrower is no longer living in the home.
A reverse mortgage borrower may encounter many financial hazards in taking out a...
Victoria Said:dad passed away, no debts, reverse equity mortgage?We Answered:Nothing from his estate can be distributed until all of his debts are paid. He has 240k in debts. You will need to sell the house, or let it foreclose, but they will come after the estate for the rest of the money. The 23k, or anything else, can be distributed until this debt is paid off.Jerome Said:Do you know of any equity retrieval companies other than those that specialize in Reverse Mortgages?We Answered:If you have good credit and you do have equity in...
Carrie Said:which bank get me home loan without approved map bcoz property is more than 30 yrs old with no approved map?We Answered:DONT ASK THE BANK FOR HOME LOAN, ASK THEM FOR HOME CASH ,, CASH AGAINST YOUR HOME FOR ITS REPAIRS
CONTACT UR NEAREST BRANCH OF SBI, I GOT IT FROM SBI WITHOUT MAP ARRPOVAL REQUIREMENTS...
Caroline Said:Home equity loans what happens when my mom dies?We Answered:When you mother passes and the house becomes yours, you can get a new equity line to pay off the old one or get a new mortgage that will pay off the equity line and any old mortgage. The equity line may or not have been a good idea, but it's not the worst thing ever. Call your mortgage broker and have a conversation about it to get more info.Kenneth Said:Reverse Mortgage or second home loan?We Answered:How old are you? How much equity do you have in your home?
Those...
Lawrence Said:Reverse home mortgage age requirements !?We Answered:at least 62 years old......These mortgages are not the best and the costs and fee's seem to me be excessive, but they meet the need of some seniors that have limited monthly income....
Rosa Said:buying a home with reverse mortgage?We Answered:It wouldn't make sense
A reverse mortgage is for people that want to tap the equity that they have in their house. i.e. Your dad owns a house that is worth 200k. He gets a reverse mortgage that pays him a monthly payment for a certain number of years, and he gets to stay in the house. When he dies, the house is owned by the mortgage company.
In your case, your dad would have to buy the house. He would need to incur closing costs and a down...
Minnie Said:Is there an online reverse car loan calculator?We Answered:based on my own experience. we had a car loaned from the bank too, could afford it ok before now my husband lost his job/ and now no unemployement have to return the car back to the bank and its a HELL OF A MESS. my reccomentation. SAVE UP YOUR MONEY AND BUY A GOOD CAR. DONT LOAN FROM THE BANK BECAUSE YOU WILL REGRET IT. WE ARE GOING THROUGH A TERRIBLE TIME WITH OUR BANK RIGHT NOW. AND ITS SUPER STRESSFUL. I REALLY REGRET THIS....
Allen Said:If someone has a reverse mortgage loan and passes away, who has to pay it back?We Answered:The only way a homeowner can get a reverse mortgage in the first place is if they have at least a fair amount of equity in their home.
If the homeowner passes away and there's a balance on the reverse mortgage, the lending company is paid from the proceeds of the home sale. So the party paying it back is the estate of the deceased....
Samantha Said:short sale vs foreclosure for a loved one?We Answered:Depending on your state, while in the process of a loan modification the banks are supposed to consider your account in review and not proceed with foreclosure procedures. If you are not happy with your loan modification company may I suggest you at least do a search for forensic audit specialists, as this might be another solution to saving the property if the loan modification company is not successful.
If you have a short sale specialist and they have been successful with negotiating with the bank, and you are...
Vickie Said:what are the advantages to a reverse mortgage?We Answered:A reverse mortgage is a way of selling your house back to a bank. Every month the bank sends you a check, but the house isn't yours anymore. You can continue to live in the house until you die, but you can't leave it to your heirs because it will belong to the bank.
Reverse mortgages are a good idea for old or sick people who need money and know this is the last place they will ever live. Other than that it is a raw deal....
Phyllis Said:Can you give me some advice on Reverse Mortgage. Are they Good or Bad?We Answered:Reverse mortgage is good for older folks of they
- wish to stay in their home
- can't afford to make the mortgage, or need cash to cover expenses.
- don't have any other liquid assets.
It allows you the opportunity to stay in your home, if you acnnot afford to sell and move. Downside is you give up your home when you die, so there is not anything to leave your children if you have them.
Also, the amount you can get is dependent upon your age and health....
Toni Said:If one owes $45,000 on a house worth $80,000 how much would be gained from a reverse mortgage at age 72?We Answered:Hello Dee,
Using the scenario you provide, a 72 yr old person with a home worth $80K and owing $45K, the person would qualify for a Gross Amount of $50,800 (63.5%). Now from that amount you subtract the amount owed ($45K) and the closing costs which in this case is $1,600 in upfront Mortgage Insurance Premium (MIP) and your typical closing costs that you have with any type of mortgage, (atty. fee, title exam, appraisal, title insurance etc.) which...
Norman Said:Are there any circumstances that would help qualify a 55 yr old man on disability for a reverse mortgage loan?We Answered:I'm sorry but FHA/HUD is very strict on the 62 age requirement. As someone else mentioned you may look into a home equity line of credit as an alternative. When he's 62 you can then do a reverse mortgage and pay off the HELOC.
Feel free to contact me if you have any other questions.
bburns@griffinloans.com...
Cindy Said:Mother got a reverse mortgage & passed 3 months later. My siblings & I are being sued for her debt?We Answered:You wrote, "I can not afford a real estate attorney for this matter."
Actually, you can't afford NOT to get an attorney for this matter, because, without one, you will lose far MORE money than hiring an attorney would ever have cost you if you hired one, so, scrape together whatever you can and hire one, or you will LOSE your case, simple as that.
Good luck!Norman Said:Reverse mortgage problems?We Answered:The condo DID NOT legally go to your sister. ...
Roberta Said:What is Reverse Mortgage in Banking Terminology?We Answered:A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free income - without having to sell their home, give up title to it, or make required monthly mortgage payments. The loan becomes due when the last borrower(s) permanently leaves the home. The borrower is responsible for the real estate property tax and hazard insurance payments as well as maintaining the home in reasonable condition. Freddie Said:Reverse Mortgage?We Answered:http://www.hud.gov/offices/hsg/sfh/hecm/…
go here...
Louis Said:plz tell me about reverse mortgage in indian banks?We Answered:"The concept of reverse mortgage, although new in India, is very popular in countries like the United States. Recently, National Housing Bank (NHB), a subsidiary of the Reserve Bank of India (RBI), released draft norms of reverse mortgage (the final guidelines are awaited). Following are some of the key features of the scheme from the draft norms.
1. As per the norms, a house owner who has crossed 60 years of age is eligible to seek a loan of upto 60% of the value of residential property by mortgaging the same...
Francis Said:how does a reverse mortgage affect medicaid benefits?We Answered:Technically it's not income, so it shouldn't affect income based relief.
However, a reverse mortgage is set up to ensure the bank gets it's money back, so it's always a rotten deal for the home owner. Look, she's out of money now, getting a reverse mortgage will just make this worse.
Excessive fees to set it up.
Excessive interest rate.
Onerous terms--she must insure, pay the property taxes and maintain the property or they get the property.
Onerous terms--should she go temporarily to a nursing home, they get the house.
If the house is worth $150,000...
Delores Said:I am trying to get a re-finance loan.?We Answered:I would speak to a reverse mortgage lender first and/or now.Alicia Said:My banks branch manager revealed personal information to a relative. Any recourse?We Answered:Contact the home or district office for the bank and file a formal complaint. If you can find a website for the bank, look it over carefully and see if they have policies and privacy information anywhere that you can use as concrete evidence that it was a breech of bank policy. Or, go to another branch of the bank in person and ask for a...
Billie Said:How can I get a monetary hand in the Reverse Mortgage business if I am not a licensed broker?We Answered:depends on your state. get a salesperson's license and work for a licensed broker who has the connections with the reverse mortgage lenders and HUD. if you don't want to get a license, then work as an employee for a bank. or work for one of the internet shops and work across state lines.Tiffany Said:it is already out of the reverse mortgage so i dont have to pay 289,000,00 the house is not worth that no...
Tammy Said:Reverse Mortgage Payback?We Answered:Reverse mortgages aren't ever called due. They are due when you sell or die. This case you would just use a regular calculation to compute your total cost. Make a spreadsheet with the years down the first column. Have the total in the 4th Column, and the interest rate in the 2nd column. In the third column have a formula taking the total time the rate and adding it to the total from the forth column. Put the new answer in the 4th column for the next year. copy down 15 years.
WARNING the interest rate isn't...
Randy Said:Can the owner of a fully owned house that is in an irrevocable trust get a reverse mortgage on it ?We Answered:Yes, they can and it's not a foreclosure, that's part of the reverse mortgage agreement...how did you think they were going to get paid back? Do you think they gave that money to the owner for free?
Whatever is left on the property, however, goes to the person that has the irrevocable trust, but the mortgage company is under no obligation to go to extraordinary efforts to get the highest possible price, as their goal is only to...
Dolores Said:Do you think it is good to work for a mortgage company moving forward in the future?We Answered:Yes. You want to learn the business in the slow times. Then when things get busy, you know what to do. During the good times, no one is available to train you. If the manager or owner is spending a lot of time with you, you know you have chosen the right place. If not, look for somewhere else.Frances Said:Mortgage company illegally took my property! How can I reverse it?We Answered:You did not need to sign the foreclosure papers.
You need a...
Wilma Said:Verge of foreclosure... need help on reversing this.?We Answered:Contact ACORN immediately. They are a non-profit organization that includes in it's mission to help, act as a homeowner advocate to ensure lenders act fairly and legally when it comes to this whole process.
Here is the link to their offices by state. Call the one as close to your city/county as possible: http://acorn.org/index.php?id=2593
Here is the link to ACORN's home page: http://acorn.org/index.php?id=2716
Prepare and organize all of your notes, receipts, call logs, correspondence and make time to meet with them as soon as possible.
Also, contact non-profit entities, starting with...
Heidi Said:Can Someone Please Explain What A "REVERSE MORTGAGE" Is.........?We Answered:A reverse mortgage one where the equity the lender has in your home increases over time. In other words, where your monthly payments do not cover the interest on your loan; that you owe more on your loan over time. There are two reasons why people are attracted to such a loan:
1) They expect that the value of the home will increase more quickly than the bank's equity in the home - earning the borrower money, while having a lower loan payment.
2) They expect to die...
Dale Said:What is the cost of a Reverse Mortagae Is it worth it?We Answered:A reverse mortgage is probably the worst deal on the market.
At best, you borrow $125K of the $250K house. The rest goes to fees and/or interest. You agree to pay insurance, property taxes and maintain the house. All of this is going to cost more money than if you lived in an apartment. If you fail to do this, move or move into a nursing home, they can take the property.
It's almost always a better idea to sell....
Bernard Said:Are settlement costs from a reverse mortgage deductible on my income taxes?We Answered:Mortgage interest is deductible in the year paid. That being said, it's important to note that the IRS considers points to be amortized over the life of the mortgage (this is in fact a grey area, some tax courts have held that the points are deductible up front.) How much money are we talking? Is it worth fighting with the IRS? If so, go to a CPA for preparation. If not, decide whether you want to risk it or not.Jacqueline Said:How do...
Shannon Said:reverse mortgage continued...?We Answered:Power of Atty does not take away your rights, it just transfers the same rights to the person you signed over to....elderly people often get "taken" with POA agreements and most are abused in this way.Constance Said:Credit Collection Businesses?We Answered:Check your state's statute of limitations for the type of debt they are trying to collect. If the debt is past the SOL, write to them, certified mail, return receipt requested, stating that the debt they are trying to collect is past the legal statute of limitations (the clock starts on that from the date of...
Benjamin Said:How do i file a non- emergency police report for Sarasota, Florida? Can you do it on line?We Answered:Hi, Lori !
The link given below might help you out:
http://www.btnas.org/bellevue.htmlRuben Said:Reverse Mortgages = High Fees = Trouble?We Answered:The reverse mortgage pays them each month. They get a check. You are right that the fees are very high. $9,000 on a $100,000 loan is not unusual. But they are still going to receive the money on the $91,000. That is the idea of the "reverse"..... the lender pays them.
The State Attorney General acts as your protector if you have been...
Randall Said:What Did The Dems and Obama Get Done With NO HELP from The Party of "Hell l NO"?We Answered:A helluva lot. If the Reichtwingers weren't blinded by their hatred of a black man, they would see that President Obama has actually been the hardest-working president we've had in the White House in a very long time.
Why do they hate America?Gabriel Said:30 year loan paid in 5-6 years?We Answered:Is this a question? If so I don't see it, nice idea, but it should be put in a blog, not in a question post.Georgia Said:is there any truth to the following...
Heidi Said:what is a reverse mortgage, what are some advantages or disadvantages?We Answered:Vlad,
This is a frequently asked questions that I send all my clients. Please feel free to contact me if you have any more questions. Our company can do loans in almost every state and we are the largest originator of reverse mortgages in the southwest.
What is a reverse mortgage?
A reverse mortgage is an FHA-insured loan on the equity in your home, but you never pay it back as long as you live in your home.
Who qualifies?
Anyone at least 62 years of age who owns a home qualifies.
Does the...
Ashley Said:Does anyone know anything about the benefits and drawbacks of reverse mortgages?We Answered:The fees associated with some of them can be very high, so you'll end up giving as much as 5 digits in fees up front to the mortgage company, significantly reducing your equity.
The reverse mortgage also means it is unlikely your heirs will be in a position to keep your house so if you have a dream of your children some day living in your house forget it.
I would talk to a trusted financial adviser before getting a reverse mortgage and be sure that...
Tracy Said:I need someone else to share their bad sister stories with me, Please?!?We Answered:I didn't even make it past number two because this is my destined future I just know it. My sister is the same way and she's the OLDER one - she acts like a two year old. She doesn't take any responsibility for anything and always expects to get what she wants. If she doesn't she throws a tantrum. Your sister is 43? She needs to toughen up and act like an adult. I say you cut her off cold turkey from all your kindness if...
Maria Said:with a reverse mortgage, what happens to the equity of my home?We Answered:There are lot of misconceptions about reverse mortgages, and these responses prove it.
When the homeowner dies in a reverse mortgage situation, the heirs have the option to pay off the note and acquire the property, or sell the property at fair market value and recoup the amount of the sale above the payoff. In no case are the heirs or the estate liable for any reduction in property value. The financier assumes all of that risk. As such, the heirs have full right to...
Clifton Said:Divorce - can you give me your view of this situation - complex so not for the faint hearted - just?We Answered:My view is always that a single person has no biz with a person who is married, divorced or separated. You can be friends but never lovers. You are sticking your nose in matters that do not concern you in any way. That is my view....
Earl Said:How does a reverse morgage affect capital gains on a home sale?We Answered:It has no effect. A reverse mortgage is just a loan that you don't pay until the property is sold. It would be just the same as though you didn't pay a regular home loan and didn't get foreclosed.Tammy Said:Special resources for funds for seniors?We Answered:All the seniors in my sisters retirement community seem to hold big garage sales every weekend. I have no idea if they need the cash or it's just a big social event where they can all ride their little...
Robert Said:Reverse Mortgage.??We Answered:There is good and bad on just about everything isn't there?
There are a lot of very good points for reverse mortgages. But there are some negatives too.
There are several points that borrowers need to be up to speed on. You've seen that lenders want you to get a reverse mortgage for many reasons. Borrowers need to consider many things as well.
1. CONSIDER ALTERNATIVE LOANS. Reverse mortgages can be an expensive way to borrow money. Get free counseling.
2. CONSIDER PUBLIC BENEFITS. Even though the proceeds are tax free they may impact on your eligibility for certain need based public benefits...
Alfredo Said:What is a reverse mortgage?We Answered:A reverse mortgage is a mortgage in which the bank pays you for life instead of you paying them. These loans are only given to homeowners whose property is completely or mostly paid off, and all the people who own the home have to be over a certain age (70, I believe).
The payments you receive are tax-free, but make no mistake -- this is a loan against the value of your house. You don't have to pay anything while you are still alive and living in your house. But if you should move away...
Elaine Said:I have a reverse mortgage question?We Answered:OK, first of all, I do reverse mortgages, and believe me...we do not get a "huge" commission on reverse mortgages. Quite the opposite actually. A reverse mortgage is not for everyone. And just like it sounds, the mortgage goes backwards not forwards. It's an EXCELLENT loan for the right person, and it is not for everyone. Instead of making a mortgage payment, the person has 3 options. One is to take out a 1 time lump sum, and make no payments other then taxes and insurance (the...
Edgar Said:can debtor spend his money before credit card co. gets judgement in court?We Answered:YOU CANNOT GO TO JAIL FOR THIS. what may hapend is that there will be a lien on the property and in the event of the property beign sold or another eqity line taken out the lein must be satisfied.Irene Said:is financial freedom resources a good co, is is a reverse mortgage com? co. is in clearwater fl.?We Answered:Financial Freedom is the largest reverse mortgage lender with about 56% of the market.
You can go to them direct or go with a mortgage broker that...
Marc Said:The FED bought What ??We Answered:The Fed has bought a lot of sub-prime mortgages? Doesn't this double the loss if the mortgages default?
Maybe the Fed has finally bought a one way ticket to the 'attention of the public' and will get some bad publicity for a change... Maybe the media will have to cover it when these mortgages go 'bad' and the Fed tries to issue more securities to cover the debt it has to the banks that it is trying to support.Gabriel Said:Emergency Economic Stabilization Act. Failed?We Answered:Watch this 7-minute video fro a crash course that will go...
Patsy Said:Reverse Mortgage on Housing Property?We Answered:I am sure State bank of India is giving reverse mortgage loan.
i think most of the banks also giving ...
Chester Said:Who are the lenders for a "Program 69 Mortgage"? What states is this "Loan Program 69" availiable in the US.?We Answered:Dear ,
I was also searching for same thing couple of days ago and found this one
http://yourloans.noads.biz
Regards,...
Lillian Said:If I get a reverse mortgage will I deplete most of the equity out my home? I want to move and be a renter?We Answered:Reverse mortgage is for people wanting to use the equity in their home and still live at their current residence. This is a way to stay in your home not designed for you to move to another residence, You would be better off to sell or rent your current home and move into a rental situation if that is your goal and save the seven grand. I believe this is not the option for you...
Bobbie Said:Is it legal to withdraw credit line from reverse mortgage if you have to walk away?We Answered:ironic nick name
goldy locks
a reverse mortgage is money that goes to YOU every mo for
20 or more often 30 yrs. IT is repaid in a lump sum at the end
of the note.
U have to move out--you did not say why. Actually, it does not
matter. It does not matter who lives in the liened home.
u can use the reverse mortgage cash for ANY purpose.
naturally, the lender will foreclose on the house-he is not giving
away money; the house is...
Gertrude Said:Who wants to see campaign promises kept by Obama?We Answered:Obama is more Bush than Bush was.Rhonda Said:It's a fiduciary duty for trustee to only do what benefits the estate?We Answered:I am not clear what is going on. Is your father deceased?
Where is the estate atty in this squabble?
You both need to go to a trust and will attorney and have him advise you, it will be worth the200 bucks or so he will charge to look at the dollars and documents and advise you what you should do.
If somebody is cashing checks made out to a deceased person...
Kurt Said:What is reverse mortgage & how is it different from mortgage?We Answered:A reverse mortgage is specifically designed for the needs of seniors and keeping them in their homes, whereas a traditional mortgage is not structured for that purpose.
With a traditional “forward” mortgage, all the money is borrowed up front and paid off over time with monthly payments. Over time the mortgage balance decreases as each monthly payment is made.
With a reverse mortgage the money is borrowed over time and is not paid off until the borrower either permanently leaves the house or passes it on to their estate....
Bonnie Said:Is Reverse mortgage good for me.?We Answered:See a "Certified Financial Planner" near you. Not a "financial planner" - a CERTIFIED FINANCIAL PLANNER. It depends upon your circumstances. (Your age, health, financial circumstances, and estate planning needs.)
Even if the Certified Financial Planner agrees A reverse mortgage could work for you, THE reverse mortgage offered to you by any particular lender may not be good for you. Have an attorney review the reverse mortgage before you sign and tell you all the potential consequences of the reverse mortgage.Deborah Said:Is it a good time to obtain a reverse...
Pamela Said:are their any government grants available to help me save my family's home?We Answered:Her daughter canonly take possession of the home if all of the mothers debts are first paid in full, this includes the mortgage. There are no grants to buy you a house.Jackie Said:Is it really the fault of the lenders?We Answered:That's true. The government shouldn't have encouraged such risky loans. The country would be better off today. Mainly, I guess it doesn't matter at this point who is to blame. The problem needs to be addressed and quickly.
Even with all of the...
Francisco Said:What is the history of reverse mortgages? Year? Guided by legislation or policy?We Answered:Here is a history...
Shannon Said:Inquiry about a reverse mortgage?We Answered:You've gotten good answers, but let me bring it down one more level...
Your parents pledged the home to get the Reverse Mortgage. The bank is now first in line with rights to the home. Anyone else's rights to the home would fall in line behind the bank's.
Your Mother cannot give away something she has already given away. She gave the bank the right to the house. It's no longer hers to give away again.
It would be like selling a car and then showing up at the new owner's house, grabbing the car...
Victor Said:Help with a Reverse Mortgage?We Answered:Hello Tara,
A Home Equity Conversion Mortgage HECM) which accounts for over 90% of reverse mortgages and is regulated and insured by the Federal Govt. can be considered due if the borrower does not reside in the home for 12 CONSECUTIVE months. I wish your grandfather well and hope he is on his way home soon.
For disclosure purposes I am a Reverse Mortgage Consultant with 5 years experience and work for one of the top 5 Lenders in the countryFrancisco Said:What is a reverse mortgage?We Answered:Takes the equity he has in his property out...
Franklin Said:I am equity rich but cash poor?We Answered:I understand, you don't want to sell at the bottom of the market but need the money now. $70k loan is not too small to do. You may have spoken with someone that didn't want to do it due to lack of commission but lenders will do $70K loans in HI.
If for some other reason you don't qualify for conventional financing, your only other option is to go to a private lender. There are companies with private investors that will lend just based on equity. interest rate and fees are high and...
Antonio Said:Is a Reverse Mortgage a safe way to get some equity out of my home?We Answered:A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she...
Bobbie Said:heirs and reverse morgtage upon death of home owner?We Answered:That would be rather stupid. Why wouldn't they just sell the home, and then get a lump sum for the equity?
A reverse mortage is just a loan against the equity, so they are just borrowing against their own money, and then paying interest on it. Reverse mortages have fixed terms as well, even if the person who took out the loan when ther term expires, then have to pay the mortage back in one lump sum, usually by selling the home.Carmen Said:Reverse Mortgage, home forclosure?We Answered:The proper thing...
Paula Said:reverse mortgage?We Answered:Homeowners who own their homes outright may in certain states cash in on their equity by taking a reverse mortgage. Typically, 80% of the value of the home is paid by a bank to a homeowner in a lump sum or in installments. Principal is due when the home is sold or when the homeowner dies; interest is added to the loan and is payable when the principal is paid. The IRS has ruled that an interest deduction may be claimed by a cash-basis homeowner only when the interest is paid, not when the...
Norma Said:How do I go about getting a reverse mortgage?We Answered: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...
Nathan Said:I am trying to promote my Reverse Mortgage consulting business how can I do it?We Answered:Spend some time in the courthouse records room researching titles and mortgages...there you will find your absoulte best source for ripe and ready customers.
then make contact with them in their mailbox.Bertha Said:In California, if property is held in a trust, can you do a reverse mortgage?We Answered:Hi,
I used "Credit Solution" to settle my mortgage.They managed to reduce my mortgage up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlhawk.com/4ysTerrance Said:If I get a Reverse Mortgae and my wife...
Eugene Said:In Canada, what is a reverse mortgage?We Answered:basically a reverse mortgage allows you to pull some of your homes equity in cash. In other words if your house is worth $250000 one of these reverse mortgage company could give you, lets say $50000 in cash, then you still own 80% of your home.
I'm not recomending anyone actually do this, but I don't know if its bad either, but I would maybe do a little more thorough research to make sure it is the right thing....
Kay Said:Why different answers - RE: Reverse Morgtage?We Answered:You can only get a reverse mortgage on your primary residence. It doesn't matter how much time you spend in any home you can only have one primary residence.
If you try to get a second reverse mortgage while you have one outstanding you will be required to pay the first one off.
No waiting period.Denise Said:My Home Is In Foreclosure. The Deed Is In My And Husband's Name. Mortgage Is In Husbands Alone.?We Answered:It's not as easy as you propose. Quick claim will not work because you still have to show...
Joe Said:Whats Reverse Mortgage?We Answered:it is a good product for retired people.
this was initiated by State Bank of India.
private banks are only looters of Indian economy. so don't expect such a good service from them.
more details in the link below.
http://www.sbi.co.in/viewsection.jsp?lan…George Said:What is Reverse mortgage?We Answered:A reverse mortgage is a special mortgage designed to allow seniors over age 62 to access the equity in their home, without making payments, so they can stay in their home. Many seniors do not have the income to stay in their homes. They also have to be basically be broke to qualify for...
Jeremy Said:what would my dad need to remove my moms name off a house title if she is deceased?We Answered:He needs to go to a title company with the death certificate and have her removed from the title.
They want a clean deed.
Your father was your mothers only heir, with no will everything would go to him, not children.Stacey Said:Does anyone know where I can get reverse mortgage training in houston texas/spring/the woodlands texas.?We Answered:Please contact me. I am with the largest originator of reverse mortgages in the Southwest. I would love to help you get trained and licensed...
Deborah Said:Has anyone had a bad experience with reverse mortgage in Canada?We Answered:If reverse mortgages in Canada are similar to reverse mortgages in the US, then you shouldn't have a bad experience with it as long as you do your research. The loans can be pricy if they're used for short term needs. Also, if you blow all of your money on vacations and non-essentials, that's probably not the best use of your home equity. However, if you carefully plan and incorporate a reverse mortgage into your overall retirement plan, you shouldn't have any...
Miriam Said:Is a reverse mortgage a good idea for elderly friends?We Answered:If their children can not help them with their expenses, then a reverse mortgage help them. They would receive monthly payments until both of them pass away. The property would then either be sold, and the remaining amount go to their heirs, or their heirs can payoff whatever the balance of the mortgage was at the time.
Some children of the elderly object to this because they feel like they are going to "get" less, but this is not about them - it is about their...
Edward Said:Putting a lien on the The Promised Home?We Answered:Lots of issues on this one, I feel sorry for most of you. First, it sounds like grandma might or might not be all there mentally. If she is, she should sign something securing your $33K, probably a promissory note and a deed of trust. If you can get them signed, simply record them at the county courthouse (county clerk.) The power of attorney she granted might or might not be valid, but whatever he does is subject to fiduciary responsibilities for which he can be sued...
Lucy Said:mortgage broker severely misled me and with held info that i was entering into a reverse mortgage need help?We Answered:The government is looking into reverse mortgage practices and is aware of salesmen that use misleading tactics. Contact an attorney, full disclosure is something the broker is fully aware of and must do everything possible to make certain you understand what you signed.William Said:looking for info on reverse mortagages?We Answered:A reverse mortgage is a solution for someone that needs additional income and has equity in their house. Here is a good guide on reverse mortgages: http://www.regionalmortgages.com/reverse…Jimmy Said:Anyone know anything...
Ashley Said:my question is: i am trying to get information on a reverse mortgage,what exactly does this mean.?We Answered:it means you pay principle first then you pay interest....
Antonio Said:Losing a house to reverse mortgage?We Answered:Huh? What does insurance have to do with a reverse mortgage? They don't take anything away. Relax. and restate the question so it's understandable.Barry Said:Why are reverse mortgages so expensive and why do they charge PMI insurance?We Answered:Elleniac,
There are a lot of fees disclosed for reverse mortgages but if you look at them a little closer they really aren't that bad.
First since FHA reverse mortgages are insured by FHA you must pay the PMI. The reason for this is simple. The mortgage insurance guarantees the lender that they are going to...
Daryl Said:Is it a good time to obtain a reverse mortgage with the interest rates low?We Answered:As of April 1, 2009, all reverse mortgages went to "live pricing," meaning interest rates and margins will be fixed daily, not weekly. Thus, when seniors are shopping for reverse mortgages, they must be sure to compare apples to apples because originators (salespeople) may try to hoodwink even the sophisticated potential borrowers by backdating their Good Faith Estimates and quoting products that are not even available on the market any longer. Make sure to do your homework and read up on what is current,...
Tony Said:Is it a good time to obtain a reverse mortgage with the interest rates low?We Answered:As of April 1, 2009, all reverse mortgages went to "live pricing," meaning interest rates and margins will be fixed daily, not weekly. Thus, when seniors are shopping for reverse mortgages, they must be sure to compare apples to apples because originators (salespeople) may try to hoodwink even the sophisticated potential borrowers by backdating their Good Faith Estimates and quoting products that are not even available on the market any longer. Make sure to do your homework and read up on what is current,...
Brad Said:Is Interest accrued on a reverse mortgage tax deductable?We Answered:Not until the reverse mortgage is paid off. I've included a link that helps explain a reverse mortgage.Mary Said:is the interest added to a hecm reverse mortgage deductible on federal income tax return??We Answered:You only get a tax deduction for home interest you are liable for "that you actually pay".Brandy Said:What is the interest on a reversed mortgage?We Answered:Usually its high....7-8+%. Before setting up a reverse mortgage, talk to your bank about a HELOC. Depending on your age and mortality, you may find that the loan interest ends...
George Said:Reverse mortgage?We Answered:Reverse mortgage is a funding option that gives senior citizens a payout now without a mortgage payment
Reverse cashes out home value now; leaves repayment to estate, or by sale of home after death of lender
Good; instant cash with no repayment worry
Bad; estate loses house as an asset or has to repay mortgage.Francis Said:reverse mortgage?We Answered:Ok, these other folks are a bit off. Here's a more accurate explanation.
A reverse mortgage is special type of home equity loan usually for persons 62 years of age or older. Reverse mortgages allow owners to convert some of the equity in their...
Arthur Said:how do I get a job as a reverse mortgage processor?We Answered:Please contact me. Our company is the largest originator of reverse mortgages in the Southwest. Depending on where you are located I may be able to get you connected with a company.
You can contact me at bburns@griffinloans.comCarla Said:What do I have to do to get a job as a Mortgage Advisor?We Answered:Karen, Check out the course below. This is the best way to get into the business. If you live in Texas, I can bring you on with Southwest Funding. Let me know.
JDVictoria Said:reverse...
Roland Said:Reverse mortgage and estate law?We Answered:The reverse mortgages I have seen are non recourse loans- meaning that in a foreclosure situation the lender could take the house but not come back against your Mother's estate for any shortage.
What seems to often happen is the parent borrows as much as they can on a reverse mortgage and is able to live in the house the rest of their life without making payments. They do have to pay insurance and property taxes.
When the die or move out to a retirement home then the mortgage has to be paid off. ...
Gerald Said:Is it fair for Obama to want to tax the banks when the government made their money back and then some?We Answered:its not going to hurt the banks, its going to hurt the people, whenever gov't interferes with business, the business passes the costs onto the customer, same thing happened where i live, the state has new regulations on the water and light company so they in turn to keep up with gov't regulations pass the costs onto us and now i pay more for electricity and water thanks to the gov'tPaul Said:Should someone tell the New York Times...
Alex Said:With a reverse mortgage if owner stays in house and ends up with excessive equity does lender go after estate?We Answered:Reverse mortgages are tricky and prone to lots of misinformation. But do not worry in this case. First, the bank doesn't own the house so they don't get to sell it. The heirs have a year to refinance or sell.
If the proceeds are not enough to satisfy the loan, the lender (or their insurance on the loan) absorbs the difference. This is a "non recourse rule" which entitles the lender to only the market value of the home...
Tom Said:how do i find the right reverse mortgage lender?We Answered:don't even think about it! negative amortization is NEVER a good idea. Trust me, i deal with people everyday that owe more than their homes are worth because of reverse lending, very low arms that are now coming due etc....Wanda Said:Can a reverse mortgage lender foreclosee on a home while it is still in probate?We Answered:Yes, of course, if the estate is not paying them they have every right to foreclose.Casey Said:Who is a good lender to use for a reverse mortgage loan for my dad?We Answered:Check out...
Renee Said:What to do with a house that seems unsellable and you have limited or no equity?We Answered:The situation is complicated by the reverse mortgage your dad took out.
The terms of a reverse mortgage are that if the house is sold, the entire sum plus interest becomes immediately due and payable. Or if the occupant dies, the house is sold and any remaining equity after the reverse mortgage has been settled is due to the heirs.
A reverse mortgage does not work like a regular conventional mortgage where one can walk away from the house. I don't think one can...
Jamie Said:Can anyone tell accurate formula for calculating reverse mortgage?We Answered:IDK if this'll answer, but here's a website you can check out for a start. There's a mortgage calculator or two on it. It also has PLENTY of info on credit.
http://www.myfico.com
Have fun. I did! lol. Hope it helps. Take care. God bless.Nancy Said:Reverse mortgage - Line of Credit?We Answered:Creditors cannot attach to your line of credit, but they can place a judgement on the title to your property which will prevent you from obtaining a line of credit.
PS - I'm not a big fan of reverse mortgages. They are...
Kurt Said:Can someone with a felony record be a loan officer? primarily doing reverse mortgages?We Answered:Unfortunately ... yes. Corporations can hire unlicensed agents to be loan officers, and while there should be an effort to do background checks, there often is not. If you do business with a company, make sure to look for and ask for their licensing information.Esther Said:Landlord says I can't work from home office, is this legal?We Answered:it all comes down to your zoning area. Had you not rented a room for office and did not list your house as your business office they should...
Ricky Said:Is a Reverse Mortgage a safe loan?We Answered:A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she got that loan, because they thought she would...
Cheryl Said:Are reverse mortgage Loans sponsored by the gouvernement?We Answered:no
zero to do with the government except that they have to meet the regulation set out by the governments.
In some cases a reverse mortgage can be useful. That is when the is no other money available and the homeowner plans to that they rest of their life in the house and are well over 70 years old.
There are very HIGH fees for this type of loan.
It is a loan of last choice.Joy Said:Is it a good time to get a reverse mortgage?We Answered:A reverse mortgage is a really great thing...
Grace Said:is there a minimum loan amount in a reverse mortgage?We Answered:He wants a home equity loan, not a reverse mortgage.
In a reverse mortgage the bank basically buys the home from you with monthly payments. They do not just give you some money and not expect it back.
Because he wants so little a personal loan would be easier then a second mortgage.Pearl Said:I live in my grandmother's house, which has a reverse mortgage on it. If she passes, will I have to pay?We Answered:It would be important to review the provisions in the loan documents your grandmother...
Ruby Said:With declining housing market conditions, is it a good time for my mother-in-law to get a reverse mortgage?We Answered:First of all, i would like to correct another answer by saying that the home with a reverse mortgage on it will remain part of your Mother's estate. At the time of her passing or if she sells the home, the reverse mortgage lender simply wants the loan paid off. For example, if your mother passes and her RM balance is $100,000 and the house sells for $150,000, the lender would receive their $100,000 payoff and the other $50,000...
Carol Said:Need Desperation Marketing Strategies for Selling HOME!?We Answered:Since you already had the place appraised and apparently own the appraisal (since it was done before a bank got involved) you can include that in your marketing. Since your house is worth a lot more then the other houses in the neighborhood this might help.
But, as you know, with no master bath this is a hard sale, you might want to offer agent incentives to show the home instead of buyer incentives....
Sherri Said:free reverse mortgage reprint articles?We Answered:AARP has printed several articles in their magazines and bulletins for guidance on the subject of reverse mortgages. I am not sure if there are free reprint rights, but you can probably find information through aarp.org....
Max Said:Please Help?We Answered:You need Prepaid Legal
www.protectmyrights.netRose Said:Can someone please help.?We Answered:You've been unemployed for a year, sponged off the state until January, and then rolled over and decided to start the job search in June? What did you THINK was going to happen? Cars are not a right.
GMAC doesn't make any money unless people make their car payments. To an extent, they can let things slide if your situation is special. But the only thing special about your situation is how lazy you sound.
You have access to the internet, try doing a web search for...
Thomas Said:I need a new direction. Should I seek Jesus or a reverse mortgage?We Answered:Reverse mortgage could mean the greatest time of your life, so the commercials say.Gregory Said:Im new to the real estate business, and im trying to help a family that has a reverse motgage.?We Answered:If they have any equity in the house, they can refinance.
Reverse mortgages are not bad as such, but sometimes they are highly inappropriate for the people that are talked into taking them. Also, many of them have very bad terms and huge upfront costs. In theory, they can be good in...
Maria Said:illuminati financially broke?We Answered:Thanks for sabbatoging Dr. Paul with this conspiracy theory nonsense! Ever wonder why he gets no attention? He got lumped in with you conspriacy nuts!!!Kurt Said:How do i get a bank account without a social security number?We Answered:If you want to open an account that pays interest, you have to have a Tax I.D. number - If you are a legal U.S. resident, your tax I.D. number is your social security number - If you are an illegal U.S. resident, or a non resident who wants to open an interest bearing account in th...
Herbert Said:wife commited adulty and taking money!?We Answered:What were you thinking, hooking up with a 27 year old?
Of course she was in it for your money.
Now that you had your run, the piper is getting his payment.
Oh, well enough soap box.
1. Get a lawyer. If the house is in your name only, you will probably get to live there. you may have to get her about half of it.
2. You can get the banking records from her. The court will ask about that when it's time to divide the assets.
If she did commit adultery, then she may...
Penny Said:Can a nursing home or medicaid take a patients assets?We Answered:I'd check with a lawyer on this.
Yes, the patient is expected to pay for the nursing home, if he or she has the assets to do so. Many people transfer property and assets to avoid this issue.
The law has been that the transfer had to happen a year to a year and a half before the person entered the nursing home. However the recent Budget Reconcilliation Bill changes the ruling to a period to five years.
There is an article about it here: http://www.libertypost.org/cgi-bin/reada…
Some to...
Brett Said:can i get a reverse mortgage on a house i own that is both residential and commercial and I am not living inWe Answered:no you cannot - must be primary residence...
Warren Said:Do you know this fact? I think all Americans should read this?We Answered:Israel belongs to the Jews and it's our responsibility to keep it this way.Lauren Said:PLEASE SUMMARIZE!!! hw help?We Answered:Here's my summary.
I'm a student taking a class I don't understand but for some reason I think I'm entitled to pass anyway. Please give me an A for cheating.Tina Said:How come more Americans aren't immigrating to Europe to seek work?We Answered:I have noticed a lot more American accents on the tube (London Underground rail) during the morning and evening commutes. I have yet to see any recent stats...
Roy Said:Very Important , My sis has a reverse mortgage on her home , and she is set through her elder years?We Answered:He has at least 30 days to vacate. After that, she can have the authorities throw him out.Monica Said:How do I deal with my mom? A Snobby Widow. I need help ASAP, she's threatening to kick me out!?We Answered:You need to go talk to someone. Try your school's Guidance Counselor, your pastor (if you don't belong to a church, check them out and join one), a coach, a teacher, a friend's parent.
Go talk to someone and...
Max Said:After a house is put up for sale because owner defaulted on mortgage payment can order be appealed?We Answered:Technically the mortgage company still owns the property. If you stop payment, they can foreclose and take the house back from you and then sell it at auction. Once the judgement has been made, it's a done deal. It definitely can't reverse it. Now, if the papers have been filed, but there's been no judgement made yet, I recommend you call the lender immediately and make arrangements to pay if you'd like to keep your house.June Said:If...
Elizabeth Said:I can't get a reverse mortgage, so what are my other options?We Answered:Go to your local court house, and do a "guick claim deed" back to your mom. The cost is determined by the county you live in, say 25,00. This will be recorded and on the books at the court house. I take it there is no mortgage? If there is a mortgage, who's name(s) is it under, yours or your mom's. ??
But, like I mentioned, if no mortgage, do the quick claim deed, and than see if you can apply for a...
Jonathan Said:Who agrees that the US and IMF better stay out of the financial/mortgage mess or conditions will get worse?We Answered:Interestingly timed question. If the Federal Reserve hadn't stepped in and rescued Bear Stearns the dominoes would have fallen on wall street and not only Bear Stearns but maybe a dozen major Wall Street firms would have gone down the drain. This would have triggered Great Depression II (the big one). This is not an issue of some people with mortgages that they can't afford, it has to do with the complex securities such as bonds based...
Howard Said:What is reverse mortgage?We Answered:To qualify for a reverse mortgage, your friend would have to be at least 62 yrs. old and the home must be paid for. If the mortgage is not paid off, you may still qualify. But there must be enough equity, after receiving the reverse mortgage, to pay it off.
In essence, you can get a lump sum or monthly payments to use as you wish. You don't have to pay this money back as long as you live in the home. Once you move, sell the home or become deceased,...
Gabriel Said:What are the pitfalls of a reverse mortgage,on a fourplex, that they live in?We Answered:Your question is somewhat vague, but I'll try to give you an answer the best I can relating to revers mortgages! I don't know how the fourplex has anything to do with it, but a reverse mortgage is instead of making payments on your house, you get the equity out of it without having to make payments!
A reverse mortgage can be great for a retired person who still wants to live in their own home who will most likely pass away before another move.
After...
Derrick Said:If I move out of my house will there be a foreclosure even if I have mortgage insurance.?We Answered:Just posing the question here is already the intent and your motive, so yes. But you can't just move and not pay your mortgage because of crime.......
Andrew Said:Does Dr. Phil still have a "Product Line"? Who else has one but seems like a unlikely spokesman?We Answered:Tori Spelling selling French fries in a cup with various dipping sauces! =)...
Sara Said:I am trying to locate a Mortgage Accelleration/equity Program?We Answered:Are you paying them now? If so, you should know who is cashing the checks. Even if it is auto draft, the bank should be able to tell you who it is going to. If you are not paying them now, why are you looking for them?Alex Said:Opinions, yea or nay, on Reverse Mortgages?We Answered:A Reverse Mortgage is very good in certain situations. If you are an elderly person and your medicade, Social security, and pensions are not enough to support you.. and you own your home...
Juan Said:Is there a 'Reverse Mortgage Program' offered to anyone under -62 years of age? all caps is rude-ridiculousWe Answered:No, it was created specifically for seniors.Wayne Said:can a person file bankruptcy even though we are on a reverse mortgage program?We Answered:ANYONE can file. Significantly more details are required to determine if the court will allow you to discharge your debts. You can't discharge the reverse mortgage and keep the house.Rafael Said:Those reverse mortgage plans for homeowners sound great. How can I get into a reverse renters program?We Answered:Money Magazine had it as the worst financial decision a person...
Carlos Said:Reverse Home loan help please ?We Answered:If you are over 65 and own the house (apparently you do) you qualify for a reverse mortgage. You have to live in the home, if you move out you have to repay the money.Phyllis Said:Reverse Mortgage - Secondary Market?We Answered:Reverse Mortgage - Secondary Market?
How would I go about researching how fluid the secondary market is for reverse mortgages? I am looking for evidence to support that this is a fluid secondary market and there are at least 4-5 difference institutions that will purchase these loans. Also, are these investor...
Mary Said:self acquired house property?We Answered:When there is a will, it comes in to force mostly after the lifetime of the person written will. So after probating will the beneficiary can go for reverse mortgage.
Alternatively if the person written will is alive, she herself can apply for reverse mortgage loan.Dolores Said:low or no interest credit cards?We Answered:You are right. The promotional cards can be used effectively by people like you. You just have to read the rules and restrictions carefully. Banks issue the promotional cards because most people who borrow the money wind up spending it and then paying interest...
Myrtle Said:Reverse Mortgage Question?We Answered:There have been some recent changes in the law that makes reverse mortgages a much better deal than before.
For example, the fees that can be charged used to be VERY high; they are now capped.
For most older folks,who have no other reliable source of income, the Reverse Mortgage can be a good option. I have read up on this subject quite a bit, and my initial skepticism has been reduced quite a bit after the recent law changes.
I do not know personally for anyone doing this, but if you Google "Reverse Mortgage", there are...
Vanessa Said:Is it the time to get reverse mortgage with the interest rates low?We Answered:As of April 1, 2009, all reverse mortgages went to "live pricing," meaning interest rates and margins will be fixed daily, not weekly. Thus, when seniors are shopping for reverse mortgages, they must be sure to compare apples to apples because originators (salespeople) may try to hoodwink even the sophisticated potential borrowers by backdating their Good Faith Estimates and quoting products that are not even available on the market any longer. Make sure to do your homework and read up on what is current, as real...
Milton Said:How do I find out what discounts hospitals offer insurance companies?We Answered:You're not likely to find out exact contracted rates. Hospitals don't even have the same rates across all insurers. (And they have some incentive to keep those rates somewhat secret - don't want to let Insurer A know that you're giving Insurer B a better rate, otherwise Insurer A will be knocking on your door to renegotiate.)
When I worked in a contracting department, we'd try to ballpark the rates that other insurers were getting by using EOBs that we had access to.
This strategy might work for...
Scott Said:Reverse Mortgage Nevada?We Answered:Revest
6170 West Lake Meade Blvd.
Las Vegas, Nevada 89108
702-755-7580...
Dennis Said:What are the FICO Score Requirements for a Reverse Mortgage?We Answered:There is no FICO score requirement for a Reverse Mortgage. A credit check is required to make sure all debts related to the home are accounted for. Furthermore, there is no income qualification, the application requires an income only for government monitoring purposes.
The requirements are - age(s) at or over 62, homeowner. If the home is a manufactured home, condo, PUD, or Cooperative other restrictions apply.
Best wishesBecky Said:Can I stop foreclosure on my home?We Answered:Just a question: How did they find out you were not...
Johnny Said:Have no mortgage on either of 2 homes. Can I reverse mortgage either?We Answered:My father got a reverse mortgage and one of the requirements is that the home must be your principle residence and you must agree to continue living in it.
So, doubtful.
Besides if you reverse mortgage, the home is no longer yours, yet you still pay for all upkeep and taxes. With my father's, they set the value of the home so high (then paid him pennies) that when he passes, there is no way that the home will sell for more than it has to, to...
Emma Said:what is reverse mortgage of a house?What r its benifits and risks?We Answered:I am entirely against the reverse mortgages because I feel there are other financial vehicles that perform better. It is not my recomendation to my clients to gamble with physical assets. You are better off selling your home, moving to a more affordable area and structure out an anuity.
A reverse mortgage in theory is merely a glorified anuity with more fees and restrictions. The only time you could really benefit is if you live too long.
Pros.... The lender can't take your home away if I...
Connie Said:If seven ACORN cities are supporting & encouraging squatters, why can't I?We Answered:If you did since you are not a Barack Obama supporter nor a registered Democrat they'd have you living on the street in a New York minuteDeanna Said:Can we negotiate a different payoff for a reverse mortgage?We Answered:You really do not have any choice in the matter, you can't sell the house without paying them in full. They might have agreed to a short sale, but you have stated that it sold for over the lien.
This is cash money your father was paid on good...
Edith Said:part two to my 50,000 question?We Answered:As far as killing yourself and broadcasting it on the net, I think you need to find some psychiatric help. See if there is a clinic in your area where people with mental health issues can go. They really can help you.
As far as making 50,000, there is simply no way to obtain that amount of money easily. If there were, wall street would be out of a job. You could obtain a loan, but you would need property valued at least that much to serve as collateral surity...
Antonio Said:Are reverse mortgages a scam?We Answered:If there is no benefit for the person who has a reverse mortgage, it's a scam.Dwayne Said:Do you think reverse mortgage is a scam?We Answered:it's a tricky deal and requires some very careful and detailed thinking.
i've seen a few offers -- they're complex beyond what most Americans can understand, imho. for that reason alone, i suggest that they not be done unless there's no other choice at all. [my experience is that the trickier the deal, the more ways there are for the bank or dealmaker to win bigger than it ought].
I...
Terry Said:What ia a reverse mortgage?We Answered:It is a way for the elderly to borrow the equity from the house. HUD.GOV and AARP.com can explain it. You pay high fees and can borrow about half your equity in a lump or monthly payments. It cost the estate what the person borrowed plus fees and interest and they the person sells the house it needs paid off so if you borrow at 62 and want to move at 70 you may not be able to afford the replacement home. The older you start the more you get and the more sure...
Audrey Said:What's the deal with Reverse Mortgages?We Answered:These are now the new best way to screw your kids of their inheritance. Basically a reverse mortgage allows you to sell your house to a lending institution that will then make payments to you until you die. They will also allow you to continue living in the house. So it is a way for someone to claim some of the equity from their house.
People using their houses like ATM Machines is one reason the country is in such a financial crisis today....
Deborah Said:Is this the solution for seniors who are lonely, broke and unable to pay their taxes? Have them work to pay?We Answered:I think it was Cromwell from England who said tongue in cheek, when people complained about too many Irish children. He said eat them.
Here, let's just euthanize them and give their assets to the government. Hitler got away with it. He picked on the Jews, confiscated their assets, then eliminated them.
We just don't seem to care about people. A society is judged by how they treat their weakest and most vulnerable citizens.
SAD!Tanya Said:My husband...
Harry Said:Can Chase foreclose on me after approving loan modification day before foreclosure?We Answered:Your mortgage isnot modified until you have returned the signed modification package to the bank. Send the attorney a copy of the modification and your certified mail receipt. He can track whos desk it landed on.Lillian Said:My tubes have been tied for 7 years, but my husband wants a child. Anyone know a miracle worker?We Answered:Sometimes, a tubal ligation will reverse itself, but this is not common. Reversal surgery *is* very expensive. The exact price, as well as the likelihood of...
Michael Said:Will the stimulus package help me lower my monthly mortgage payment?We Answered:I don't think so, because the banks are holding bailouts...
Dorothy Said:How do I say No to Co-Worker trying to borrow money?We Answered:Don't lend her a dime!!!! Tell her: "I'm sorry, I should've told you earlier, but I only lend money to blood relatives these days. None of my friend's have ever paid me back as promised, and there's many in my family who are hurting right now. I'm sure you'll find someone else to help you." Be firm about it, then change the subject. Do NOT relent!...
Kenneth Said:If someone did a reverse mortgage on their home will it show up on the Board of Tax Assessors?We Answered:Dusty forgets that real estate folks obtain the information from the tax assessor. LOL
Yes, the tax assessor knows the bank and the original mortgage amount, but not balance. They also are informed as soon as an owner defaults.Marcus Said:tax assessment records - why is mortgage company in the name?We Answered:My first thought is that there must still be something owed the mortgage company. If not, this may have been a holdover from when there was something owed....
Olga Said:I have a reverse mortgage and was wondering if I can use home improvements on my 2007 income taxes.?We Answered:No, home improvements are not tax deductible. You add them to your cost basis. That will reduce your gain when you sell and any capital gains taxes due at sale time, if any are due at all....
Ashley Said:If an Adult Child Makes a Loan to an Elderly Parent, Will It Be Repaid if Medicare Sells the Parent's HouseWe Answered:Have true loan papers drawn up with a repayment plan of at least a couple dollars a month and charge interest.
Register a lien on the property for the amount of the loan, then the government will be forced to settle with you.
Why not a reverse mortgage if you know the house will eventually be taken by the government anyway?
See a lawyer who specializes in estates & trusts they should be able to make sure all is recorded properly...
Annie Said:My Wife has been sacked, how to get through this difficult economic period?We Answered:It's true that marriage is supposed to be a partnership, and that she seems to be unreasonable and reneging on her part of the bargain. But a marriage is more than just a partnership, it's a loving relationship. Yes, she should love you enough to hold up her end of the bargain. But if she is constitutionally unable to do so, you will just have to suck it up and carry the whole load, if you want to stay married. I know, it's not easy, but...
Jo Said:Reverse Equity Mortgage and the Executor?We Answered:Your father's estate must pass through probate. You can guarantee the security of the house by changing the locks. No they are looking for a legally court appointed executor.Phyllis Said:Should he get the Reverse Mortgage?We Answered:If the house is not in the will to be inherit, or no other siblings is going to fight for the house then a reverse mortgage is not bad, the mortgage company is buying back the house. Just remember if your parents live for another 20 years then if they pass the house technically belongs to...
Mathew Said:Has the reversed mortgage worked for you?We Answered:Biggest scam out their, but if u are 62+ and have small enough of wealth plus u will die in less than ten years, then it is good so u can reside in a home........
Shawn Said:WhatMiami,Fl banks deal in reverse mortgages?We Answered:The following page shows a list of the top reverse mortgage lenders in the Coral Gables-Miami area:
http://www.reverse-mortgage-information.org/reverse-mortgage-Coral%20Gables.php
The following directory lists contact information for Florida reverse mortgage lenders:
http://lender.reverse-mortgage-information.org/Category/Florida/
I'm not associated with Wells Fargo, but they are the leading HECM reverse mortgage lender in Miami and throughout the country.Kimberly Said:Can someone clairify about reverse mortgages?We Answered:The loan has to be re-paid when the last borrower on the reverse mortgage vacates the house. The heir then has two options - refinance the home into a new mortgage or sell the home to repay the reverse mortgage....
Perry Said:Can you get downpayment assistance from the state of california or the federal govt for a reverse mortgage?We Answered:I think you do not understand reverse mortgages. If anyone tell you there are fees or a down payment needed for a reverse mortgage they are lies and cheats. Don't walk - RUN away from them! Reverse mortgages, however, are rarely a good idea.
Here is what is supposed happen - you enter into a reverse mortgage say at age 70 on a 100K house. They think you will likely live another 15 years at most...
Martha Said:pro's and cons of reverse mortgages?We Answered:This is a GREAT loan for about 20% of seniors. Its gotten a bum-rap because of a bunch of lenders trying to push everyone into the same program.
For example:
You are 75 years young and have a free and clear house worth $500,000 and very little savings. Trying to live off SSI and a small pension is no way to live - especially you are trying to save money clipping coupons when you have a half a million dollars in equity.
You tell yourself that it makes sense because you...
Marsha Said:Explain about reverse mortgaging implemented by NHB?We Answered:Reverse mortgaging means like when you mortgage a property for raising loan , you repay that loan in instalments (EMIs),here it is just reverse i.e. you mortgage your property with NHB , they will pay you some amounts in instalments for livelihood.This scheme is brought for elderly people who are not taken care of by anybody & are not having any source of regular income after retirement , they will get regular income by reverse mortgage till they survive & then the bank will recover those amounts from the value of the...
Donna Said:Can I have my mom, add my name to her deed, so I can get an equity loan to move her to Florida?We Answered:Adding your name to the deed is certainly an option that would permit you to apply for a loan. If there is equity on the property, then I don't understand why a mortgage company would deny her a loan, notwithstanding her bad credit. I would think most companies would provide a loan as long as there is sufficient collateral to leverage it, such as equity in real estate. So adding your name shouldn't really...
Frances Said:whats your thoughts on reverse mortgage for senior citizens?We Answered: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...
Nora Said:reverse mortgages. good or bad ???We Answered:The reverse mortgage is both good and bad. Make sure it is the right decision for you. There are a lot of options.Delores Said:Who are Reverse Mortgages good for?We Answered:Reverse mortgages might not be good for anyone, but are only available to those that are past the age of 62 year of age.
Then that person or persons have to see if it fits into their financial plans or not.
If a person decide to apply and get a reverse mortgage then it reflect on how their children inheritance.
So a lot of...
Norman Said:How are reverse mortgages affected by the current credit crisis in the united states?We Answered:There are MANY terrible companies but much to Judy's dismay, I am sure, there are many good companies out there as well. Research is the key word.
I would imagine that right now it might be harder to find one of the good ones willing to give much at all against your equity.Laurie Said:How are the consumers who signed and received reverse mortgages making out in this time of economic downturn?We Answered:It's not a problem.
Those homes are/have been paid in full.
They are drawing a "maximum...
Lucy Said:information about reverse mortgages from someone who has done it?We Answered:I do not like reverse mortgages.
Most people decide to move out of their home at around age 80.
Since they can no longer cut the grass or even get around.
At that time, they will have NOTHING to their name.
Nothing, absolutely nothing.
/Kyle Said:reverse mortgage information needed?We Answered:Reverse Mortgages are designed for citizens w/80 to 90% equity in their homes. Only a small mortgage is considered. I did mine 10 years ago and only owed 29,000 and qualified for a lump sum advance. Other options are monthly...
Shannon Said:Reverse Annuity Mortgage?We Answered:Every reverse mortgage I have seen has been an FHA program for older people and they normally choose to get all the money in one chunk. They are set up so that the owner never has to make a payment as long as they live in the house- but if they go to a retirement home they will need to sell the house and (because of the interest build up and maybe the weak real estate market) the seller might owe more than the house is worth. Again this FHA program is pretty good...
Melvin Said:Is a reverse mortgage a good idea?We Answered:A reverse mortgage works for some people and not for others. It depends on the appraisal value of the house and their age. You can either take the money as a monthly stipend or you can leave it as a line of credit to pay large bills for medical, taxes, insurance etc. Right now the interest rates are low so its a great time to consider one. Of course all the costs (including a small monthly handling fee) are added to the amount which will be due in the end. They have...
Beatrice Said:Reverse Mortgage pros and cons?We Answered:Whether or not a reverse mortgage is good for you depends on your needs and priorities. Basically, a federally guaranteed reverse mortgage (which is what most people get) will provide you with a loan equal to about half the equity in your house. Take the value of your house, subtract any mortgage or home equity loan you already have, and the reverse mortgage loan would equal about half the remaining equity. You can get the reverse mortgage funds in monthly payments, a lump sum or a line of credit.
You won't have...
Earl Said:What is a 'Reverse Mortgage' and is it a good thing to do. Pros and cons please.?We Answered:I read some of the answers and cant believe the information coming out. Your best resource is to go to the AARP website and get the real facts. It is for anyone who is over 62 and you have to have equity in the home. If you currently have a mortgage then it either has to be paid off prior or the Reverse Mortgage will pay it off. You have choices of how to receive the available money,...
Bernard Said:can anyone tell me if this is a scam or not? a company called Senior Independence LLC.?We Answered:The first answer on here covered it....
Margie Said:Is there an inexpensive alternative to an electrical company?We Answered:There is nothing you can do to lower your bill with a cheaper alternative. With a windmill you could give power back to the electric company and get credit (at least in some states) but the cost of a windmill is a few thousand bucks...more like the cost of a new car.
I think the best you can do is find ways to lower other expenses. You could write to your Representative or Senator asking for advice and maybe they know of a program that would qualify your grandparents.George Said:What...
Jerry Said:Seniors - people 62 yrs old or those with parents of that age - What do you think about reverse mortgages?We Answered:I'm not a big fan. Unless I'm wrong - it's just a fancy name for a loan.Marc Said:Any suggestions on marketing reverse mortgages to seniors.?We Answered:I got the ''reverse mortgage'' last year. I like it no more house payments. I got about 35000.00 bucks. I had a lot of fun for a while. I know 2 or 3 guys that are thinking about signing up. It is a big businessSally Said:Is it wrong trying to...
Cody Said:WHY VARIOUS CONDOS IN PUERTO RICO ARE OUT OF REVERSE MORTGAGE TRANSACTIONS?We Answered:You might not have enough equity (money) in your home.
They are getting much more strict.
Did you know that a reverse mortage is one of the top 10 worst financial mistakes a person can make?
If you ever decide to move out, you will have nothing - absolutely nada to your name.
You may want to move out around age 80 if you fall and break a hip and can no loger move around to cut grass or drive around. Chances are VERY slim you will stay in your...
Bob Said:housing prices and refinancing?We Answered:When taking out a mortgage for either a refinance or a new purchase, one of the most important points to a lender is the loan-to-value ratio (LTV). The higher the LTV, the higher the risk. As a property goes down in value, if the mortgage amount does not go down, then the LTV increases, thus increasing risk. Take this example...
If you purchased a home for $200,000 with an 80% LTV, this would mean your mortgage was for $160,000.
$200,000 X 80% = $160,000
The other 20% is your "down payment." This becomes known as your home's equity.
People...
Sherri Said:What are the advantages of a reverse mortgage? The best reasons to ask for one.?We Answered:Suppose you did a reverse mortgage.
Suppose at age 84 you get sick of repairing your home, and mowing the grass.
Suppose you want to move out. You will have nothing, absolutely nothing. At least if you keep your home, you can sell it and get something out of it.
Think of your home as insurance in case you ever need to sell it to move to a retirement home or a nursing facility.
I wonder if your children would love you as much knowing they...
Nina Said:Can a name be removed from a mortgage that was refinanced?We Answered:Is his name on the mortgage or the title. If he was away, how did he sign for the mortgage. It is possible that the mortgage application was made by her, only and his name was added to the title (the document filed with the county which records home ownership. If he is the co-owner (and irrespective if he is on the mortgage) she can file a quitclaim deed. These forms are available from a number of sources on the internet. Just do a search for "quitclaim...
Florence Said:Bankruptcy reversal, Mortgage advice.?We Answered:WARNING - there are many 'agencies' and 'consultants' who will CLAIM that (for a fee) they can 'sort out' his credit ...
Some are simply scams that take the money and do nothing --- however there are some that will get him to sign an "authority" that allows them to "act" (i.e. LIE) on his behalf ... some will LIE to the Courts to get 'adverse' Credit Ref. entries removed ... and maybe even get away with it .. however when the Courts find out (maybe years from now), he will be the one...
Joan Said:If John McCain were to endorse a product what would it be?We Answered:Bush's economic Policies if we are dumb enough to elect him!...
Beth Said:Can you sell a reverse mortgage and still have your name on the loan?We Answered:No. If she has a reverse mortgage, she gets paid by the mortgage company and she does not make payments on the mortgage at all. She would then be getting paid by the mortgage company from the reverse mortgage, collecting money from you and you would be giving her 30k up front that she would be getting. If you are seriously interested in this home, I strongly recommend you retain an attorney to help you. You can probably get an attorney to help you out...
Chris Said:when is the scheme reverse mortgage scheme for senior citizens going to become functional?We Answered:It is already functional ... housing cos like dewan housing has already a scheme in operation .. i think lic housing also announced recently that they are starting it too...
Matthew Said:Are there any Seniors who have first hand knowledge of a reverse mortgage?We Answered:Yes. This is a pretty broad question, but the longer you wait, the more you can receive. You can receive monthly payments, a line of credit or a lump sum. Basically the lender is betting you will not live longer than normal life expectancy and you're betting you will. The amount available to you is based on how much equity you have in your home and the value of the home. If the lender pays you more than the value of...
Stephanie Said:If my taxable income is less than my mortgage interest can the remaining amount dedcuted in the next tax year?We Answered:Mortgage interest is deductible only in the year paid.
You might be able to pay two years of real estate taxes in 2009, plus an extra month of mortgage interest (pay January 2010 interest in December 2009).Antonio Said:What are the tax benefits of being debt free (mortgage)?We Answered:Too many people confuse the tax deductability of mortgage interest with being a huge benefit that one should keep.
You are always, always, **always** better off not to pay the interest in...
Nancy Said:Does anyone know a good mortgage calculator?We Answered:a month by month calculator - I always use this!!!
http://www.mortgage-calc.com/mortgage/pr…Carlos Said:When calculating tax savings from mortgage interest, should you use your marginal tax rate or average tax rateWe Answered:Compute your tax with out a home then add the home and see how much it changes.
If you get the standard deduction for a couple it is over 10,000 so that part is no savings. When you have a house you have property taxes and interest to deduct plus then your state income or sales tax and charity is deductable.
If you aren't doing charity...
Virgil Said:tell me about reverse mortgages?We Answered:That's when someone steals your identity, borrows money from the bank using your fully-paid for house as collateral and disappears;)...
Mary Said:How do I deal with my mom? A Snobby Widow. I need help ASAP, she's threatening to kick me out!?We Answered:Contact a suicide prevention hotline NOW. 1-800-273-TALK (8255)
Contact DHS or talk to a guidance counselor at school tomorrow.Ken Said:How do I deal with my mom? A Snobby Widow. I need help ASAP, she's threatening to kick me out!?We Answered:Try living with your grandparents, or cousins or good friends....
Stacey Said:Can I cancel a reverse mortgage if I unexpectedly come into some money?We Answered:Reverse mortgages may seem like the perfect financial solution for some aging ..... You may qualify to cancel private mortgage insurance and save hundreds, .... insurance can help you keep your home if you're unexpectedly unemployed. ... If not, put that money into an emergency savings account to help you weather ......
Michelle Said:what is a reaction paper? this type of paper is needed for an economic and management class.?We Answered:Purpose. The purpose of typing reaction papers is to get you to reflect on assessment and assessment practices we have discussed over the last few weeks. Think about the text, the classroom and the article.
Content. As a result of this goal, the content of these papers must be a combination of your reactions to readings, class activities, practical experience, and activities in other education classes. You only need to summarize a reading or activity or...
Franklin Said:reverse mortgage...again?We Answered:I definitely agree with Garden by M. All debts will be assumed by the reverse mortgage company FIRST. Also, I strongly doubt a case can be made that your grandmother didn't know "what was going on," plus--your grandfather signed it! as well as your mother who had Power of Attorney. There's no legal case here at all. I would assume $30,000. in credit card debt has already been placed as a lien against the property. There is really no way out of this.
Edit: Ooops. Just read your question again, & it's POSSIBLE there's a loophole here,...
Patsy Said:Will the bank let me borrow money off my house?We Answered:There is no rule that you can't refinance a home that has already been refinanced. If you currently have a $20K mortgage then you can most likely do a cash-out refinancing (assuming property values haven't dropped too much). Check with your local bank or broker to see if you qualify to refinance your current mortgage into a 60-65K mortgage.
Two additional points I would make: (i) getting a HELOC or second mortgage in this economic environment is probably going to be very tough and even...
Juanita Said:What is procedure on Reverse Mortgages if property taxes aren't paid?We Answered:What state are you in? That would help. Some states have deferral programs like OR: http://www.oregon.gov/DOR/SCD/seniordef.…
You probably are not in CA since they have Prop 13 which keeps property tax at 1% at the value they bought it at (plus a yearly factor).
In any case, your mother should have had this disclosed before she bought it. I think she should have recourse against whomever sold it to her.
But to answer your question, you need to let us know what state.Marcia Said:Why does it seem "reverse mortgages" are becoming...
Gerald Said:What is a reverse mortgage?We Answered:if you are not yet 62 years old a reverse mortgage is not for you, if you are I will provide you with details. Julian Said:How often does Soc. Sec. reverse a "favorable" decision?We Answered:The problem you will run into is that if you buy a fixer upper, you take the risk of not being to qualify for a $12,000 loan for a new roof since you will also owe $44,000 for the loan of the house. It will be hard to qualify on disability for two large loans. You should go...
Dean Said:what is the maximum loan to value for a reverse mortgage?We Answered:To answer your question, the lending amounts for an FHA HECM reverse mortgage range from around 50-80%, depending upon 3 factors.
The 3 factors that affect the principal limit (how much you can get) are: youngest borrower's age, expected interest rate, and the lesser of either the lending limit or appraised value. It is not like forward mortgages that are based solely on home value.
The minimum age requirement for a reverse mortgage is 62 at closing. Current maximum lending limit, with some exceptions,...
Terry Said:What arand e some reputable reverse mortgage companies?We Answered:Nick,
As long as your great grandmother can access enough equity, not only will she be able to payoff her debts, but she also may be able to set up a monthly income stream for the rest of her life, and /or a line of credit that will have a growth factor that she could access at anytime for any need. As far as paying back the Reverse Mortgage, there are no monthly payments, and the Reverse Mortgage becomes due when one of the following happens, 1, she sells the house,...
Wayne Said:Any thoughts on Reverse Mortgages? What is the upside? And the down side?We Answered:Reverse mortgages is all that I specialize in. I have seen it change many people's lives. As of yet I don't know of one unhappy customer. I would be glad to put you in contact with some of them who have volunteered as references. If you have not yet gone through the reverse mortgage counseling I highly recommend it as a uninterested second opinion who you can ask as many questions as you need to. It is the first step in getting a reverse mortgage and...
Pearl Said:Why do I regret this marriage when we love each other so much - or am i just plain stupid?!?We Answered:Here's the thing - you got married, never expecting to have children with your husband. He'd had a vasectomy. You clearly made the choice to be with someone that couldn't have kids, and can't reasonably expect him to reverse his vasectomy to have a kid at this point. As well, it's not unreasonable for a man in his 40's to not want to go through raising a small child again - that's a lot of work, and...
Olga Said:Is a reverse mortgage a bad loan?We Answered: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...
Janice Said:What do you think of reverse mortgage for people 62 and older?We Answered: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?Jo Said:what...
Raymond Said:Does any one know about reverse mortgages?We Answered:They can't unless he comes off title.
Passes away, the estate can either buy back the house, or deed it over to the lienholder.
Usually it goes back to the bank holding the lienPaula Said:My Parents are looking into Reverse Mortgages are they a good choice ?We Answered:Reverse mortgages are great products for the right people. Your Parents may be prefect candidates for a reverse mortgage.
Reverse mortgages are the most misunderstood and most regulated loan in the country. The problem is the myths keep getting repeated and repeated. Make sure...
Margaret Said:Reverse Mortgagor Death - how long to clean out house?We Answered:generally have 30 days unless the note says otherwiseFrancisco Said:MA Reverse Mortgage... who do I call?We Answered:To answer your question:
1. This page contains a listing of the major reverse mortgage lenders in MA:
http://www.reverse-mortgage-information.org/reverse-mortgage-facts-MA.php
2. This page contains website info and phone numbers for RM lenders in MA:
http://www.reverse-mortgage-information.org/255/reverse-mortgage-lenders-massachusetts.php
Hope this is useful to you!...
Jonathan Said:do you need a license to sell reverse mortgages in wisconsin ?We Answered:If you are a bank, you don't need a license. Otherwise, you probably do. I worked for a financial services company, and had licenses in about 30 states. I work for a bank now, and don't need any....