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Can somebody other than the homeowner live with you if you have a reverse mortgage?
Wiki User
∙ 9y ago
Another person is allowed to live with you even though you have reverse mortgage. You can have the other person help pay the mortgage.
Wiki User
∙ 9y ago
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Can a joint homeowner evict the other owner?
No he can not do it.
What is an unreleased mortgage?
An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.
What is the complete idiom for the boot is on the other?
It's shoe - "The shoe is on the other foot."
Transfer real estate property by will?
The transfer is done by the executor of the estate once the estate is settled. The will indicates who gets the rights in the property, but they are still subject to mortgage and liens and other items.
What is suborination and non disturbance agreement?
The correct term is "subordination". This is an agreement signed by a tenant and landlord of commercial property which is a recognition on the part of the tenant that the lease is subordinate to any mortgage which the landlord has or may in the future place on the property. Lenders sometimes want this so that the tenant recognizes that the lease does not have priority over a mortgage granted by the lender. The non disturbance agreement generally signed by the lender and/or landlord which indicates that so long as the tenant is not in default of the lease, the possession of the tenant will not be "disturbed" or in other words, the tenant will be allowed to remain in the premises even if the landlord should be in default of the mortgage.
When you have a reverse mortgage who is the homeowner?
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
Seniors--Take a Dream Vacation Using a Reverse Mortgage?
After a lifetime of hard work, most seniors want to relax and enjoy their retirement. A dream vacation is the perfect way to start the retirement years. In today’s economy, many seniors cannot imagine that they would ever be able to afford that long-desired dream vacation. However, many seniors have not considered the benefits of a Home Equity Conversion Mortgage, also known as a reverse mortgage. A reverse mortgage allows seniors to access the equity in their property. Often seniors are confused about reverse mortgages. Many believe that the house belongs to the bank once a reverse mortgage is closed. This is not accurate. A homeowner has title to the property the same as with a traditional mortgage. Seniors have several options to consider once obtaining a reverse mortgage. First, the senior has the option of doing nothing other than maintaining the property and keeping the real estate taxes and hazard insurance current. Because there are no monthly mortgage payments with a reverse mortgage, the senior’s monthly expenses are not increased. For seniors with a monthly mortgage payment, a reverse mortgage eliminates those payments. The reverse mortgage does not require repayment until the last surviving senior homeowner dies. At that point, the heirs could repay the mortgage by selling the property—keeping any profit after repayment of the reverse mortgage—or by obtaining a traditional mortgage. If the heirs choose not to do so, they can simply walk away from the property, but they are never obligated to repay the reverse mortgage. Second, the senior can always sell the property to someone else and pay off the reverse mortgage. Having a reverse mortgage does not prevent a homeowner from selling the property, as some mistakenly believe. The homeowner retains title to the property, so the bank cannot prevent the sale of the property. A third option available to senior homeowners with a reverse mortgage is refinancing the property. If the homeowner decides not to continue with the reverse mortgage, the homeowner can refinance the property by obtaining a traditional mortgage. Seniors can take advantage of this unique mortgage product and start packing for that long-deserved dream vacation.
What Is A Reverse Mortgage and Is It Right For You?
Many senior citizens are having difficulty making their mortgage payments during these difficult economic times. In addition to their increasing living expenses, medical needs and dwindling savings, their incomes are fixed or decreased. They don't want to give up their home, but making their monthly payments means going without other necessities and/or no money for entertainment or leisure. Reverse Mortgage may be an option. A Reverse Mortgage is a low interest loan available only to senior age 62 or older who own their home. The home is used as security for the loan. The loan does not have to be repaid until the homeowner is deceased. The estate of the homeowner has six months to pay back the loan or sell the home to pay the loan. Once the Reverse Mortgage Loan has been repaid if there is any money leftover, then it will go to the estate. The estate, however, is not responsible for repaying any deficiency if the home does not sell for enough money to cover the loan. The lender will have to take a loss. The amount given to a homeowner is decided by several factors. The homeowner's age (min. required 62), the current interest rate, the dollar amount that the home is appraised for, and lending limits that are set by the government. In addition to these factors is whether or not the home has an existing mortgage that needs to be paid off. For example, if the homeowner owes $95,000 on an existing mortgage and the lender says they will allow a loan of $200,000, then the homeowner will receive the balance after the mortgage has been paid. In certain circumstances it may not be beneficial to get a Reverse Mortgage. For example, if the homeowner wants to pass the house down to a friend or family member. This person would have to pay off the Reverse Mortgage Loan in order to keep the home. If the home owner is not having difficulty making the mortgage payments, but needs a little money to do some repairs or improvements. In this case a home equity loan may be beneficial. If the homeowner has a considerable mortgage on the home and it is not worth much more than the mortgage. Then a Reverse Mortgage may not be an option. Those considering a Reverse Mortgage should talk to their financial advisers, their families and/or an attorney before making a final decision.
Who may wish to take advantage of the HECM reverse mortgage?
The term HECM means Home Equity Conversion Mortgage. Unlike other reverse mortgages the HECM is a reverse mortgage for seniors that follows all of the guidelines of FHA and HUD.
Reverse Mortgage?
In these times of economic uncertainty, more senior adults are considering a reverse mortgage. A reverse mortgage is a loan offered to seniors with equity in their home and makes the amount of that home equity available in a lump sum or in monthly payments to senior homeowners. This loan doesn’t have to be repaid until the home is sold, the senior homeowner moves onto some type of senior living facility or passes away.Requirements for a Reverse MortgageTo qualify for a reverse mortgage, a senior adult must be at least 62 years old, own his or her home outright or have a minimal amount owed on the mortgage, and the home must be the principal residence of the owner. Taking a reverse mortgage is a big financial decision and it is important that applicants understand the pros and cons of a reverse mortgage. As with any large financial transaction, senior adults need to be sure they are not being taken advantage of by predatory lenders or unscrupulous family members.The amount of a reverse mortgage loan is determined by a variety of factors, including the appraised value of the home, the age of the loan applicant andif the loan will be taken in a lump sum or several payments. Older loan applicants for a reverse mortgage have fewer requirements and typically more money is available for the loan.Pros of a Reverse MortgageSenior finances can be stretched very lean and a reverse mortgage can be a good source of income for senior adults. A reverse mortgage allows seniors to use the value of their homes to pay off debts, attend to medical needs or enjoy travel. One of the best aspects of a reverse mortgage is that the ownership of the home remains with the senior homeowner. This can be a great source of comfort to seniors and their families, while providing a source of cash to care for themselves and ensure that seniors have more choices about their future.Cons of a Reverse MortgageA reverse mortgage does have some drawbacks. A reverse mortgage is a rising loan, which means that the amount of the loan continues to rise because there are no monthly payments. A reverse mortgage can also be more expensive than other types of loans due to the fees and costs of paying off the mortgage.
Pros and Cons of a Reverse Mortgage?
As the population ages and as life expectancies have risen in recent decades, many senior citizens are quickly realizing that they have not saved enough money for retirement. Social security may provide some income, but often it’s not enough to offset monthly expenditures. In order to have a new source of income, some seniors are choosing to take out a reverse mortgage on their home. A reverse mortgage is a type of loan where the bank makes payments to the homeowner with the proviso that after the homeowner dies or no longer lives in the house, the loan will be repaid by the surviving family or through liquidation of the home.To qualify for a reverse mortgage, individuals must be at least 62 years old, own a home outright, and use that home as a primary residence. The amount of a reverse mortgage is dependent on the value of the home, the borrower’s age, and the current interest rates. Once the reverse mortgage has been approved, homeowners can elect to receive the equity of their home in one lump sum or spread out in a series of monthly payments.Although there are many advantages to having a reverse mortgage, there are also some cons.One advantage of having a reverse mortgage is that instead of making payments to the bank, the bank pays the homeowner, giving them extra income. Payments are made as long as the person lives in the home, which could potentially be long enough that the payments received outweigh the value of the home. Also, with a regular mortgage, not everyone can be approved or pass credit checks. Because of the nature of a reverse mortgage, credit checks are not necessary. Finally, the value of the loan is locked in at the time of closing and tied directly to the value of the house. After the homeowner’s death, his or her heirs will only be responsible for the value of the home.The primary disadvantage of a reverse mortgage is that the fees and closing costs are high. Also, the additional income received through the reverse mortgage may disqualify some homeowners from receiving Medicaid or other state or federal government assistance programs. Finally, the burden of repayment falls on the heirs of the homeowner. If they cannot repay the debt, they will be forced to surrender the home to the lender.
Can a veteran lose benefits because of a reverse mortgage?
No. One has nothing to do with the other.
Do payments on mortgage need to be up to date to get a reverse mortgage?
No they don't. There is no income or credit qualifications other than federal delinquencies. (student loans, federal tax liens etc) We have even stopped foreclosure with a reverse mortgage.
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.
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.
Does AARP offer a reverse mortgage to seniors?
AARP itself does not offer reverse mortgages but provides information and resources about them. Seniors can obtain a reverse mortgage through various lenders approved by the Federal Housing Administration (FHA). It's important to explore all options and seek independent financial advice before deciding to proceed with a reverse mortgage.
What are reverse mortgage brokers and what do they do?
A reverse mortgage is basically a loan made solely for senior homeolders. It uses part of your home's equity as collateral and generally should be avoided unless you have no other options open.
