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Are you able to take a reverse mortgage to use equity in the down payment of another home while the present home is on the market?
Wiki User
∙ 12y ago
No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
No. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoNo. There are strict rules regarding reverse mortgages. You should check out a bridge loan.
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What is a reverse mortgage broker?
A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.
What is simple mortgage?
A mortgage is simple if it lacks complexities such as adjustable rates, balloon payment at end, mortgage insurance, reverse mortgage, second mortgage, etc. Fixed payments over fixed time-frame.
Is the payment you receive from a reverse mortgage taxable?
No, the money is considered borrowed funds, so no income tax is due on the funds. Liberty-ReverseMortgage.com specializes in Reverse Mortgage Loans. If you are looking for any How Reverse Mortgage works, its pros and cons or guidelines, call (888) 202-4479
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
How does a reverse mortgage purchase work?
Similar to a purchase with a regular mortgage. The difference is that you need a large enough down payment to qualify, and you won't ever have to make a mortgage payment on the new home.
What is a reverse mortgage broker?
A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.
How is reverse mortgage payment determined?
There is no payment due to the lender, so that part is easy. The borrower may choose to receive a monthly payment, or can get their reverse mortgage funds upfront or in the form of a line of credit. In cases where a monthly payment is chosen, the lender sets up the payment amount in a similar fashion to an annuity. choices must be made on the length of term the payments will keep coming, one option is to get a guaranteed payment as long as you are alive. A reverse mortgage consultant can get you specifics on your options.
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 is simple mortgage?
A mortgage is simple if it lacks complexities such as adjustable rates, balloon payment at end, mortgage insurance, reverse mortgage, second mortgage, etc. Fixed payments over fixed time-frame.
Is the payment you receive from a reverse mortgage taxable?
No, the money is considered borrowed funds, so no income tax is due on the funds. Liberty-ReverseMortgage.com specializes in Reverse Mortgage Loans. If you are looking for any How Reverse Mortgage works, its pros and cons or guidelines, call (888) 202-4479
Can somebody other than the homeowner live with you if you have a reverse mortgage?
Another person is allowed to live with you even though you have reverse mortgage. You can have the other person help pay the mortgage.
Where can one go to learn more about reverse mortgage marketing?
The federal web site, hud.gov provides comprehensive information on reverse mortgages. The Reverse Focus is another website specifically about reverse mortgage marketing.
What are the features of a reverse mortgage?
You can find the features of a reverse mortgage at www.aarp.org/money/personal/reverse_mortgages/ - . ANother good website is www.reversemortgage.org/Default.aspx?tabid=658
When a family member dies can another family member takes over there property legally with a reverse mortgage?
No. The reverse mortgage must be paid off first.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
