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Carlos Said:

Reverse Home loan help please ?

We Answered:

If you are over 65 and own the house (apparently you do) you qualify for a reverse mortgage. You have to live in the home, if you move out you have to repay the money.

Phyllis Said:

Reverse Mortgage - Secondary Market?

We Answered:

Reverse Mortgage - Secondary Market?
How would I go about researching how fluid the secondary market is for reverse mortgages? I am looking for evidence to support that this is a fluid secondary market and there are at least 4-5 difference institutions that will purchase these loans. Also, are these investor guidelines pretty standard? I am looking at this from a warehouse point of view.

Louis Said:

A friend's Dad pass away recently and left him his home which had a Reversed Mortgage.?

We Answered:

Reverse Mortgages are tricky... usually gives about 1 year time period to sell the home. My question I have is this... do you have enough equity to sell the property? Since it's a reverse mortgage the payments which is deferred are tacked onto the principle of the loan... which means it is eating up your equity. If you hold it you might get an upside down house.

Run numbers on your own... make sure you have wiggle room for errors. I'm not sure what market/area you are in but majority of the market is still declining. My humble opinion.

Just remember... in real estate... your profit is made when you buy. Meaning you better get it at a discount. When you sell is when you realize your profit.

Good Luck.

Brandy Said:

will my father be denied purchase of my foreclosed home because of same last name?

We Answered:

He would have to ensure that the transaction was " at arms' length" in other words that he paid the full market value for the property. You should really consult a lawyer.

Ramon Said:

Defaulting on a Reverse Mortgage?

We Answered:

If the house can't be insured, she can't get a Reverse Mortgage.

If the house is insurable, for a person age 62, and house worth $200K, the lump sum would be between $138,932 and $87,183. Why so low? They want to be sure that they can sell the house for at least the amount they gave her, in case of foreclosure. But consider, she could sell her $200K house in days if she lowered her price to $160K and be money ahead as compared to a Reverse Mortgage.

Eleanor Said:

Ancestral property, whats the meaning as per Indian Law?

We Answered:

Banks & their lawyers on panel treat anything as they like & have their self made rules/laws, how it makes any difference to the the actual legal position where the said property is not an Ancestral Property as held by the Supreme Court of India, but only as self acquired property of your father although willed in your favour.

For the purpose of loan on the said property both you as well your father have to made joint debtors by the concerned bank. This is the normal procedure carried out by most of the Banks & other financial institutes such as HDFC etc at the time of providing loan on any property, there is no question of denying loan on the pledged immovable property which is free of any legal impediments.

Rather nowadays the banks & other financial institutes prefer to provide only secured loans rather unsecured ones by pledging property of the debtors in their favour.

Amy Said:

can a mortgage loan amount be more than the actual purchase price of the house?

We Answered:

Yes. That was very popular when the houses were appreciating so fast. Not anymore. As houses are tending to lower in value now, that kind of loans are suspended.

One of the intentions of that loan was to use the excess of the money, and have it for improving the house and/or payingoff your debts. There are different types of home loans and you need to learn how to manage it so you will not have any problems in the future.

A Reverse refinance is a completely different loan. This is only designed to refinance the primary residence of elderly people (more than 62 years old) and the house must have substantial equity available.

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