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Kay Said:

Why different answers - RE: Reverse Morgtage?

We Answered:

You can only get a reverse mortgage on your primary residence. It doesn't matter how much time you spend in any home you can only have one primary residence.

If you try to get a second reverse mortgage while you have one outstanding you will be required to pay the first one off.

No waiting period.

Denise Said:

My Home Is In Foreclosure. The Deed Is In My And Husband's Name. Mortgage Is In Husbands Alone.?

We Answered:

It's not as easy as you propose. Quick claim will not work because you still have to show proof of income to the lender. If you cannot pay for the morgage now, don't sacrifice your LLC's credit score for it.

Also, a reverse mortgage only works when the house is paid in full by the owner. Your grandmother would have to pay off the house in full before reversed mortgage could even be an option. I wouldn't put my grandmother through that... and you should not either.

Myrtle Said:

How do you get certified to sell reverse mortgages in florida?

We Answered:

Feel free to send me an email. This is all our company specializes in and we have several reverse mortgage specialists in Florida. I can get you up and running in a very short time.

bburns@griffinloans.com

Ramon Said:

Will having a life estate on my house affect my medicare?

We Answered:

You dont have to do it on the deed.

Simply grant it in your will---which you have done....

Medicare is NOT "means tested".... its TAXABILITY is based on income,.. not the benefit itself...

You are thinking of MEDICAID (WELFARE)...

Antonio Said:

what can i do to stop a foreclosure already in progress on a reverse mortgage in florida?

We Answered:

When the last borrower/owner on a reverse mortgage dies, the heirs inherit the house. Are you an heir? If the amount owed is more than the value of the home, many heirs just let it default to the lender since the most they can owe is the value of the house, and they don't actually owe the money anyway. You only inherit the house, not them mortgage. The lender can't go after any other parts of the estate. If there's nothing left for them it's easier for them to let it go.

If you are an heir, you may still be able to redeem the house by paying off the mortgage. If you're someone who wants to buy the house, you have to wait until the lender is ready to sell it.