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Jamie Said:

Can anyone tell accurate formula for calculating reverse mortgage?

We Answered:

IDK if this'll answer, but here's a website you can check out for a start. There's a mortgage calculator or two on it. It also has PLENTY of info on credit.
http://www.myfico.com

Have fun. I did! lol. Hope it helps. Take care. God bless.

Nancy Said:

Reverse mortgage - Line of Credit?

We Answered:

Creditors cannot attach to your line of credit, but they can place a judgement on the title to your property which will prevent you from obtaining a line of credit.

PS - I'm not a big fan of reverse mortgages. They are costly to get into and the interest rates are pretty high. But they do have their place in the market. They're mostly considered to be a hardship loan. Please research all options before taking a reverse mortgage and by all means find a reputable lender in your area. To learn more about reverse mortgages, please check out the link below which is through FHA.
http://www.hud.gov/buying/reverse.cfm

Johnnie Said:

How Work A Line Of Credit On Reverse Mortgage?

We Answered:

A reverse mortgage line of credit works similar to a regular home equity line of credit. If you are 62 years or older, the size of the line of credit is based on your age, property value and current interest rates. You can access the line of credit by taking occasional draws on the account or you can set it up to receive a fixed amount on a periodic basis.

In addition, the line of credit available to you continues to grow as you get older regardless of what happens to your home's value. However you can never owe more than your home is worth since a reverse mortgage is "non-recourse".

Jeremy Said:

Walk away from reverse mortgage?

We Answered:

This is a temporary move, NOT a permanent change of residence. Think of it more like a vacation. Your intention is to maintain your permanent residence, you are temporarily absent, but plan on returning.
I am sorry for your family problem. Don't understand how it solves it, but wish you the best!