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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 recover what has been paid out plus interest.

I wouldn't fight that one, because you will lose. The bank has the right to be paid back, after all, the owner received an income from them and the owner has FULL CONTROL of the property regarding all financial decisions, and an irrevocable trust doesn't change that.

"Someone else living in the house" does NOT apply unless it's a spouse or a child that is a legal dependent and their guardian.

Bradley Said:

Where can I find a Reverse Mortgage company in Tennessee?

We Answered:

Are you looking for a local company?

I know One Reverse Mortgage is licensed there, you can do a google search for them. I would put up their link but Yahoo apparently does not like people actually putting links to a certified and credible business.

Randall Said:

To old to get a reverse mortgage at 62 but to young to get a personal loan! anyone got any ideas ? Melbourne!?

We Answered:

Does you mum own a house or property? She can sell the property on Vendor Terms, then she should be able to have enough money to buy the car.

BTW, Vendor terms is where the owner of a property offers to finance the purchase of that property. The person who buys the property does not gain legal ownership of the property until the final installment on the property has been paid.

Kathy Said:

can we negotiate a different payoff for a reverse mortgage?

We Answered:

When the sale closes, the title company will cut a check for the payoff. You'll never see the proceeds, except for whatever remains after the payoff. The lien will not be released until the loan is satisfied. The lender's recourse is to foreclose on the house. You are the one without recourse. If you never settle the loan, the lender will take care of things himself, and you won't even get the remainder of the proceeds.

My company doesn't negotiate payoffs on reverse mortgages. You may think the fees are outrageous, but it wasn't your mortgage. The fees were disclosed before the application was even taken, and there was counseling by an impartial third party to make sure your father knew what he was getting. Many of the fees have nothing to do with the lender, like the FHA mortgage insurance. In fact the origination fee is the only thing that goes to the lender.

Your father lived in the house for some number of years without having to make a payment or maybe even getting a supplement to his income. The house is probably worth less today than it was when he got the reverse. Who are you to say the lender doesn't deserve what your father agreed to pay? If you think the lender tricked him or wasn't fair with him, maybe you should have been watching out for him then.

This is not an inexpensive loan, but it allowed your father to live in his home. If he didn't need the loan, he should not have gotten it. Without that mortgage insurance, no lender would consider assuming the risk for this type of loan.

Now that my ire has subsided, I'll tell you what to do. Call the servicing department and ask them. When they tell you no, try short sale. But you are not a party to the loan and you have no standing to negotiate. The estate owes the lender the money, and lender will get it.

Patsy Said:

i have fraud on my reverse mortgage how do i get a attorney if i can;t afford one?

We Answered:

Fraud is criminal, you can contact the District Attorney.