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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 the equity could be split amongst the heirs at the closing table.

Angela Said:

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

We Answered:

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

Gerald Said:

How long between reverse mortgage appraisal and closing?

We Answered:

There is no exact time for all loans, however, generally the average is about 4-5 weeks from the time of the application. Usually the appraisal is about a week after the application, so probably about 3-4 more weeks. That is the average for most loans. If there are any problems or issues in underwriting, then anything can happen from a day or so to a couple of months. Rarely do they have such problems, but it can and does happen from time to time. The only other major exception to this rule, is if there is a foreclosure in progress, in which case the time frame usually goes to about 1-2 weeks from application as they are moved to the top of all other applications.

Lorraine Said:

Where can I find a Reverse Mortgage lender in Texas?

We Answered:

Hi, you can go to www.texasreverse.net and visit that website to find a Reverse Mortgage lender in San Antonio or Texas.

Kent Said:

What reverse mortgage company should I work for?

We Answered:

No, but before you take one read everything about them on HUD.GOV and AARP. They can't be undone so you are stuck with them for life.
Since you are young enough to use the internet you are too young to know your entire future. I won't consider one before 85 because so much can happen between 62 and death. You could be widowed, remarry, decide to move to a warmer or cheaper place, move in with a SO, move in with the kids or not want a house and want to move to an apartment. With the reverse mortgage you won't have as many choices since you have to pay off the debt before you can move.