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Can you get a reverse mortgage if you are disabled but only 57 years old?
Wiki User
∙ 9y ago
no
Wiki User
∙ 9y ago
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What is reverse mortgage and how can you get it?
Reverse mortgage is a loan given to homeowners aged 62 years and above to help them convert part of the equity in their home into cash and you can get it only if you own a home.
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.
Do reverse mortgage calculators work accurately?
A reverse mortgage calculator is only as accurate as the information that is imputed by the user. Consider it as an educated guess or a ball park estimate.
How can I go find out more about how reverse mortgage formula is calculated?
Reverse mortgage reviews your current mortgage payments with the amount of equity you have built up. There are several companies with this option but the majority only offer this for seniors.
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.
What is the difference between mortgage and reverse mortgage?
In a regular mortgage the person is making payments o the mortgage holder in order to build equity in their home. In the case of a reverse mortgage, the bank is making payments to the person against the equity that is in the home. A reverse mortgage allows you to draw on the equity of your home with out having to sell it. Reverse mortgages were created by the U.S. Department of Housing and Urban Development and are federally insured private loans. A reverse mortgage loan is repaid only when you sell your home or no longer live there as your principle residence.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
Is the reverse mortgage scheme availabe ONLY for senior citizens?
Yes.Yes.Yes.Yes.
What is a reverse mortgage?
A reverse mortgage is a mortgage that is only available to retirees who are over the age of 62. The idea is that the equity on the mortgage is paid out as a lump sum, effectively removing the long time frame usually associated with mortgage payments.
How do you add a wife to a reverse mortgage?
The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.The only persons on a mortgage are the owners of the property. If your wife owns the property the lender would have required that she sign it. If she doesn't own the property then she isn't a party to the mortgage. You can't "add" her to the reverse mortgage transaction if she doesn't own the property. The purpose of a reverse mortgage is to grant the title to the premises to the bank upon the death of the owner. Therefore only the owner signs.If you are thinking of including a new wife (or wife who was not an owner of the property) under the benefits of a reverse mortgage you already executed, it is too late. You should contact the bank for more information.
Is reverse mortgage only for seniors?
Yes, reverse mortgages are typically only available to seniors aged 62 or older. This type of loan allows older homeowners to convert part of their home equity into cash and does not require monthly payments.
Who owns the home with a reverse mortgage?
With a reverse mortgage, the seniors (the original home owners) still owns the house. They retain full ownership, and no one can kick them out. The debt, aka the loan, is paid off - but only once the homeowners move out of the house, or if both of them die. For more information about reverse mortgage loans, visit http://www.aboutreversemortgages.com
