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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 the meantime.

Nina Said:

how do you get out of a reverse mortgage? My grandfather has one on his house and is gravely ill.?

We Answered:

He likely is not in any shape to get a new loan, he will not qualify.

The only way to get out of the reverse mortgage is to repay it in full. There should be statements available. showing how much he was given.

Tommy Said:

I have a reverse mortgage and am unable to pay my taxes. in one year the county will foreclose on my house.?

We Answered:

I doubt a year will pass. The bank will pay the taxes and they will foreclose before that.

Your credit will drop 260 points.

Francisco Said:

What is a reverse mortgage and where can I get one in Connecticut?

We Answered:

A reverse mortgage (known as equity withdrawal in the United Kingdom) is a type of loan available to older people, used as a way of converting their home equity (the value of the home, minus the amount of mortgages) into cash payments while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds. The amount any individual homeowner is eligible for depends on their age, the Federal Housing Administration (FHA) appraised value of the home and the starting rate effective upon closing. The location of the home may also have an impact.

Reverse mortgages allow the home owner to continue living in the home, and allows repayment of the loan to be deferred until the borrower is no longer living in the home. In the United States, the proceeds of the loan are tax-free, there are no minimum income requirements, and for most reverse mortgages, the money can be used for any purpose.

Income and credit ratings are not considered by lenders when granting reverse mortgages, notwithstanding a bankruptcy that has not been resolved. The majority of reverse mortgages are FHA insured.

In a reverse mortgage in the U.S., a borrower can be paid in a lump sum, in monthly advances (payments), through a growing line of credit, or a combination of all three. The loan advances are not taxable and do not affect Social Security or Medicare benefits, although Medicaid and SSI benefits may be impacted. The cost of a reverse mortgage exceeds the costs of other types of loans. However, in some cases the costs may be less than or the same as the cost of selling a home and moving.

See a lender/mortgage company. Be careful! This type of mortgage is NOT for everyone.

http://en.wikipedia.org/wiki/Reverse_mor…

Ethel Said:

Can one get a personal loan with a reverse mortgage?

We Answered:

If you have the credit worthiness, ability to pay it back and the understanding that as a personal loan it's not secured by the property, there is no reason why you couldn't.