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Cheryl Said:

Are reverse mortgage Loans sponsored by the gouvernement?

We Answered:

no

zero to do with the government except that they have to meet the regulation set out by the governments.

In some cases a reverse mortgage can be useful. That is when the is no other money available and the homeowner plans to that they rest of their life in the house and are well over 70 years old.

There are very HIGH fees for this type of loan.

It is a loan of last choice.

Joy Said:

Is it a good time to get a reverse mortgage?

We Answered:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. Now is actually a very good time to obtain a reverse mortgage.

Anyways, you can find some info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot.com


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Martin Said:

how does an unrelated heir of property obtain ownership when unable to pay off reverse mortgage loan?

We Answered:

You have to pay the loan. You can either refinance it, if you qualify, obtain the cash from another source or sell the property to pay the loan. Also, any other bills in probate would need to be paid before you take ownership as the assets are only distributed after the debits are taken care of.

Jared Said:

Reverse Mortgage?

We Answered:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. My mother had a house paid in full in Santa Barbara, CA but was living off of social security checks. I helped her get a reverse mortgage loan from Financial Freedom. Then she was living life to the fullest until she passed away 6 years later. My siblings were livid when they found out she got that loan, because they thought she would eat up their inheritance. But she sure loved life those last years of her life, going to the off-track horse racing, bought a new car, new hi-def tv, remodeled her kitchen with Viking appliances. So, yes it can be a very good thing. But you must remember that it is basically selling your house slowly back to a financial institution. If my mom would have lived long enough, my brother and sister (and me) would not have inherited a dime, but that was ok with me.

Anyways, you can find some info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot.…


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Allen Said:

Is an annuity refundable against a reverse mortgage loan if the borrower dies before annuity payments are made?

We Answered:

wow, this is how is always look like when getting a loan. they ask you to make a high interst rate repayment plains that you can not pay, making it very hard for you to pay. trust me i have been in the position before and i know how it look like, i will only ask you if really you are in need of the loan and how seroius are you in paying back that is what you have to consider. well i got help from a friend here in yahoo answer whom introduce me to unsecured_loanoffer@live.com and i applied witing 6 days i was giveen a loan and i am making the payment now i got a loan from Unsecured company at the rate of 3% which was ok for me now well with God i am doing perfectly ok with my part time business. well as of you i will advice you to try them and get a loan for easy help, make sure you are good in repayment.
unsecured_loanoffer@live.com

Dan J

Chester Said:

does an active bankruptcy affect a reverse mortgage loan?

We Answered:

While you are in bankruptcy, you need the bankruptcy trustee's advance permission before incurring any new debt. This includes a reverse mortgage.

If you are in Ch 13, talk to your bankruptcy attorney who will help guide you through the process of obtaining the necessary permission from the trustee.

If you are in Ch 7 you may be better off just waiting until the bankruptcy case is closed before obtaining the reverse mortgage.

You realize, of course (right?), that with a reverse mortgage the lender - not your family - gets the house upon your death.