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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 a line of credit with a growth rate (currently around 7%). They are great programs that I have seen help a lot of people.

I specialize in reverse mortgages and if you know of anyone else who might want to do one please have them contact me.

bburns@griffinloans.com

Seth Said:

If you have a reverse mortgage, a competent 84 year old woman(MOM) and a mentally retarded 52 yr old, and you?

We Answered:

Hi, I don't know if this will help but I think you should consider doing the following: consider contacting a probate attorney. I know it sounds far fetched but ask him or her what would happen to your mothers estate if she should pass. As for the reverse mortgage I know that when mom passes own you or whom ever is incharge of the estate will have to refinance out of the reverse mortgage or sell the property and you will be given a grace period in which to do so at that time the money that has been used will be paid off with interest. you might consider talking with mom having her take out some of the money invest it else where maybe a trust fund, Insurance or something for you and your sister since she is also disabled. Make sure that if you are in the state of California your mother has the property willed to you via a Living Trust *** Not just a Will because a Will - will send you straight to probate court. You should have one done as well if the estate is over a certain amount.