0
Can a family member buy the house that is in a reverse mortgage?
Wiki User
∙ 12y ago
Only if they pay off the outstanding debt owed on the mortgage
Only if they pay off the outstanding debt owed on the mortgage
Only if they pay off the outstanding debt owed on the mortgage
Only if they pay off the outstanding debt owed on the mortgage
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoOnly if they pay off the outstanding debt owed on the mortgage
Add your answer:
Earn +20 pts
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
Can a family member live in your house if they are not on the mortgage or deed?
Of course they can. Anyone that you permit may live in your house.
What is American reverse mortgage?
American reverse mortgage is when you borrow money based on the value of your house. A reverse mortgage has the option of being a lump sum or installments.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
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.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Do you have a mortgage from AARP Reverse Mortgage?
No I do not have a mortgage from AARP Reverse Mortgage because I am not 100 years old. That is for old people who need money and do not need their house any longer because they will be dieing soon.
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
Can a house that was inherited with a reverse mortgage then be reverse mortgaged by the person who inherited it and yes they are over 62 years old?
Yes, the person who inherited the house can choose to obtain a reverse mortgage on the property, provided they meet the age requirement of being over 62 years old. They would need to go through the normal process for obtaining a reverse mortgage, including meeting with a HUD-approved counselor and receiving the necessary financial counseling.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
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 are some of the pitfalls of reverse mortgage?
The biggest pitfall of the reverse mortgage is that it is one of the more expensive credit options available. Because these loans are aimed at the elderly, other pitfalls maybe that an elder may need to move to assisted living and will still have a mortgage to pay, if the loan owner is unable to stay in the home all other family members must leave the house as per the mortgage rules, and if a reverse mortgage owner(s) dies the loan is still due.
