NLIC.org

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 of $417,000. Good luck and if I can be of any assistance simply let me know

Regards

Stephen

Sally Said:

How to hang onto the family home?

We Answered:

Rent it out to somebody for a while.Make sure you draw up a proper rental agreement if you decide to do this.

Betty Said:

Reverse mortgage - is this situation correct?

We Answered:

It kinda depends on how long mommy-in law lives. Once she dies, the reverse mortgage loan has to be paid back to keep the house. In many cases, there is enough debt there to force you to sell the house to pay back the loan. The lender, however does not automatically get the house, they just want their money back with interest.

There are also different kinds of reverse mortgages:
1. homeowner receives a monthly payment
2. Homeowner receives a lump sum in the beginning and lives off of that til it is gone
3. Homeowner receives a line of credit to draw on as needed
4.Some combination of the above.

It sounds like Number one would be the best choice in the situation to keep the spending under control

Remember though, Reverse mortgages are an increasing loan, decreasing equity situation. There is less and less equity the longer it is outstanding.

Good luck, hope this helps

Tyler Said:

What types of situations make you NOT be able to qualify for a reverse mortgage?

We Answered:

http://www.financialfreedom.com/ReverseM…

Has LOTS of information. There's even a requirement that she see a financial counselor. Unfortunately, the only requirement is that there be equity in the house to borrow.

The private site has a "reverse mortgage calculator" On a $400K paid off house, a 79 year old widow would get maybe $1500 a month from the reverse mortgage and maybe $1500 a month social security for a total of $30K a year. I wouldn't want to try to live on that and keep the house. On a $700K house with $300K of debt, the calculator would assume there was money coming from somewhere else to pay the mortage and still only loan $1500 a month. If the mortgage payments were $3000 a month, it wouldn't be enough to avoid foreclosure.

Louise Said:

Can you rent out a home that has a reverse mortgage?

We Answered:

If your mother is not on the reverse mortgage it is due now, she has no choice but to sell.

Also, she has to live in the property, as soon as she vacates it the mortgage will be called due.