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Can your mom get a reverse mortgage if you have interest in it?
Wiki User
∙ 12y ago
She can but will need your approval. You will need to approve the loan as well.
Wiki User
∙ 12y ago
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Can you re-finance your reverse mortgage?
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
How do you pay off your house in a reverse mortgage?
You "can" pay off the reverse mortgage at anytime. You simply pay the bank the current balance of the reverse mortgage. There are different ramifications depending on the structure of the reverse mortgage. The largest portion of the cost of a reverse mortgage is in the closing costs and the accrued interest over the years. The interest only accrues at the agreed upon interest rate. Actually, upon death of the "Last surviving borrower" on the reverse mortgage there are three options. 1. If the Heirs want the home they can refinance it for the balance of the Reverse mortgage. 2. If there is equity, the heirs can sell the home, pay off the mortgage and jeep the overage. 3. If the Reverse mortgage has reached the value of the home ( or the non-recourse limit ) the heirs can simply walk away and owe nothing on the home. Also any other estate assets are protected from recourse. You can refer to hud.gov or aapr.org for more details.
Where can one find information regarding reverse mortgage interest rates?
You can find information about reverse mortgage interest rates from various sources, including: Lenders' Websites: Many reverse mortgage lenders provide information on their websites about current interest rates for their loan products. These websites often have tools or calculators that can give you an idea of the rates available to you. Financial News and Magazines: Financial news websites, magazines, and publications often provide information and updates on mortgage rates, including reverse mortgage rates. Look for reputable sources such as Bloomberg, CNBC, or The Wall Street Journal. Government Agencies: Check websites of government agencies like the U.S. Department of Housing and Urban Development (HUD) in the United States, which provides information on Home Equity Conversion Mortgages (HECMs), a type of reverse mortgage, including current interest rates. Mortgage Rate Comparison Websites: There are websites that specialize in comparing mortgage rates, including reverse mortgages. These sites allow you to compare rates from different lenders in one place. Mortgage Brokers and Financial Advisors: Mortgage brokers and financial advisors can provide information on reverse mortgage interest rates and guide you through the process. They may have access to rate information and can help you understand how rates apply to your specific situation. Reverse Mortgage Counseling Agencies: HUD requires prospective reverse mortgage borrowers to receive counseling from approved agencies. These agencies can provide information on interest rates as part of their counseling services.
What is the interest on a reverse mortgage?
The interest rate on a reverse mortgage varies depending on the program that you choose to take. There are both fixed and adjustable rates, equity lines and cash payouts etc. Currently the best fixed rate product is around 4.5%.
Is reverse mortgage taxable?
lots of info on my site on this one, but in short the money you get from the reverse mortgage is not subject to income tax because it is borrowed money, not earned money. this is similar to a home equity line of credit taken out against a home, no income tax is paid on the loan. On the flip side, the interest you pay on a mortgage is tax deductible in the year you pay the interest, not necessarily in the year it accrues. Because a reverse mortgage does not require mortgage payments, you typically will not have a mortgage interest deduction on your income taxes. However, if you need a deduction on a particular year you can pay interest payments whenever you want, thus receiving a 1098 interest statement making that money tax deductible.
Can you re-finance your reverse mortgage?
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
What kind of trust can a property go to if it has a reverse mortgage?
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
What range of interest rates are most common for a reverse mortgage?
They are usually higher than a regular mortgage. In December 2014 the average rates for a reverse mortgage were about 5% fixed and 4% adjustable.
What are reverse mortgage fees?
Reverse mortgage fees are expensive in the long run. Several homeowners have relied on reverse mortgages hoping to save their homes and still didn't succeed. Be sure to talk to your finance agent. A reverse mortgage does not fit the interest of every homeowner.
How do you pay off your house in a reverse mortgage?
You "can" pay off the reverse mortgage at anytime. You simply pay the bank the current balance of the reverse mortgage. There are different ramifications depending on the structure of the reverse mortgage. The largest portion of the cost of a reverse mortgage is in the closing costs and the accrued interest over the years. The interest only accrues at the agreed upon interest rate. Actually, upon death of the "Last surviving borrower" on the reverse mortgage there are three options. 1. If the Heirs want the home they can refinance it for the balance of the Reverse mortgage. 2. If there is equity, the heirs can sell the home, pay off the mortgage and jeep the overage. 3. If the Reverse mortgage has reached the value of the home ( or the non-recourse limit ) the heirs can simply walk away and owe nothing on the home. Also any other estate assets are protected from recourse. You can refer to hud.gov or aapr.org for more details.
Where can one find information regarding reverse mortgage interest rates?
You can find information about reverse mortgage interest rates from various sources, including: Lenders' Websites: Many reverse mortgage lenders provide information on their websites about current interest rates for their loan products. These websites often have tools or calculators that can give you an idea of the rates available to you. Financial News and Magazines: Financial news websites, magazines, and publications often provide information and updates on mortgage rates, including reverse mortgage rates. Look for reputable sources such as Bloomberg, CNBC, or The Wall Street Journal. Government Agencies: Check websites of government agencies like the U.S. Department of Housing and Urban Development (HUD) in the United States, which provides information on Home Equity Conversion Mortgages (HECMs), a type of reverse mortgage, including current interest rates. Mortgage Rate Comparison Websites: There are websites that specialize in comparing mortgage rates, including reverse mortgages. These sites allow you to compare rates from different lenders in one place. Mortgage Brokers and Financial Advisors: Mortgage brokers and financial advisors can provide information on reverse mortgage interest rates and guide you through the process. They may have access to rate information and can help you understand how rates apply to your specific situation. Reverse Mortgage Counseling Agencies: HUD requires prospective reverse mortgage borrowers to receive counseling from approved agencies. These agencies can provide information on interest rates as part of their counseling services.
What is the interest on a reverse mortgage?
The interest rate on a reverse mortgage varies depending on the program that you choose to take. There are both fixed and adjustable rates, equity lines and cash payouts etc. Currently the best fixed rate product is around 4.5%.
Is reverse mortgage taxable?
lots of info on my site on this one, but in short the money you get from the reverse mortgage is not subject to income tax because it is borrowed money, not earned money. this is similar to a home equity line of credit taken out against a home, no income tax is paid on the loan. On the flip side, the interest you pay on a mortgage is tax deductible in the year you pay the interest, not necessarily in the year it accrues. Because a reverse mortgage does not require mortgage payments, you typically will not have a mortgage interest deduction on your income taxes. However, if you need a deduction on a particular year you can pay interest payments whenever you want, thus receiving a 1098 interest statement making that money tax deductible.
Is an interest only mortgage beneficial for a single mom?
I do not recommend an interest only mortgage for a single mom.I have an interest only morgage and after four years I am where I started with my loan. It gives you a false sense of security.
Is it possible to still get a reverse mortgage loan with bad credit?
You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.
Is a reverse mortgage available for a Is a reverse mortgage available for a 500000 home?
Yes, however the maximum lending limit from FHA will be going down later in the year, so it is wise to act now over waiting for your reverse mortgage. There are some private jumbo reverse mortgage products as well, but interest rates are much higher and the amount of money you get is less.
Can you prepay principal on a reverse mortgage?
A reverse mortgage has no prepayment penalty, so you can prepay a portion or all of it at any time. Since mortgage interest is deductible in the year you pay it, you can use the reverse mortgage for tax planning making payments in years you need a bigger tax deduction, and making no payments in years you don't need one. You can move at any time, refinance it, or streamline it to a new reverse mortgage.
