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A reverse mortgage lender allows people to receive monthly payments and not have to pay back any of the money until the home is sold or all the borrowers passes on.
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∙ 10y ago
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Do you qualify for a reverse mortgage?
You must discuss that matter with your lender.
What happens if you move and have a reverse mortgage?
Just pay off the reverse mortgage just as any other loan. If there is negative equity you can leave the home to the lender who will take the loss. A reverse mortgage is a non recourse loan, meaning the lender does not have personal recourse against the borrowers if there is negative equity in the home.
Can you describe to me what a reverse mortgage is?
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
I have a life estate can I get a reverse mortgage on this property?
You may be able to get a reverse mortgage with the written consent of the fee owners. However, the lender may require the property be transferred to your name alone.
Where can people with bad credit obtain services from Mortgage Lender's?
Those with poor credit can obtain mortgage lender services from credit agencies. However, some of the most widely recognized advice is for these individuals to work toward increasing their credit score, rather than obtaining a mortgage.
Where are the best reverse mortgages in california?
In searching for a reverse mortgage, the market is saturated with companies offering their services. It is important to locate a licensed lender to originate your reverse mortgage. The best place to locate a licensed lender would be the National Reverse Mortgage Lenders Association site, where you can put in your state and the site will list licensed lenders in your area.
What happens to the land in a reverse mortgage contract?
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
Do you qualify for a reverse mortgage?
You must discuss that matter with your lender.
Are there 2 deeds of trust and 2 notes on a reverse mortgage?
There can be if the reverse mortgage is guaranteed by HUD. One set would be executed by the lender, the other with HUD in case the lender goes under.
Where can I get reverse financing mortgage information?
You can get information on reverse mortgage financing from your local mortgage lender or bank. You can also find many places on the internet such as http://www.reversemortgage.org.
What happens if you move and have a reverse mortgage?
Just pay off the reverse mortgage just as any other loan. If there is negative equity you can leave the home to the lender who will take the loss. A reverse mortgage is a non recourse loan, meaning the lender does not have personal recourse against the borrowers if there is negative equity in the home.
If a person has a reverse mortgage and dies then how long do heirs have to pay off the mortgage?
The heirs must discuss that with the lender.
Is Liberty Mortgage Company a reputable lender?
According to my research Liberty Reverse Mortgage is a company that you can trust due to its Privacy Conditions. Also it is a reputable lender in its field.
Can you describe to me what a reverse mortgage is?
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
Can you explain reverse mortgage?
If you own a home and have some equity in it, you can get a reverse mortgage. You select how you want to be paid and you can get a monthly payment. The lender gets their money back when the house is sold.
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.
I have a life estate can I get a reverse mortgage on this property?
You may be able to get a reverse mortgage with the written consent of the fee owners. However, the lender may require the property be transferred to your name alone.
