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You still own the house if you have a reverse mortgage, yes.
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∙ 14y ago
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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.
Is it possible to still get a reverse mortgage loan with bad credit?
You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.
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
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.
How is Reverse Mortgage useful?
The Reverse Mortgage is a national program which is offered to senior homeowners 62 years and older which allows for you to access your homes equity without a monthly repayment. reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Apart from being 62 years of age or older, the borrower must be the absolute owner of their house in order to qualify for a reverse mortgage. It is also important to note that it is still possible for qualified homeowners to obtain a reverse mortgage if they still owe a small amount of money on their conventional mortgage. However, should this situation occur, the home owner is still required to pay down the balance of the conventional mortgage.
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.
Is it possible to still get a reverse mortgage loan with bad credit?
You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.
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
Are reverse mortgages basically the same?
Yes, all reverse mortgages are basically the same. A reverse mortgage is like selling your house but getting to still live in it for free until you die.
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.
What are reverse mortgage fees?
Reverse mortgage fees are expensive in the long run. Several homeowners have relied on reverse mortgages hoping to save their homes and still didn't succeed. Be sure to talk to your finance agent. A reverse mortgage does not fit the interest of every homeowner.
How is Reverse Mortgage useful?
The Reverse Mortgage is a national program which is offered to senior homeowners 62 years and older which allows for you to access your homes equity without a monthly repayment. reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Apart from being 62 years of age or older, the borrower must be the absolute owner of their house in order to qualify for a reverse mortgage. It is also important to note that it is still possible for qualified homeowners to obtain a reverse mortgage if they still owe a small amount of money on their conventional mortgage. However, should this situation occur, the home owner is still required to pay down the balance of the conventional mortgage.
House was repossess can you still get a mortgage?
it is quite unlikely that you will be able to get a mortgage lender with that history.
How is a Reverse mortgage affected by nursing home?
the the remaining spouse can still live in the home
Who pays real estate taxes on a reverse mortgage?
The owner of the home that still occupies the home and has the reverse mortgage is still responsible for maintaining the home and for paying the property taxes, and all other expenses in keeping the home in good condition.
What if the house is homesteaded and has a reverse mortgage on it and the person is 71 years and widowed living in it is there still property taxes to pay?
Yes unless for some reason that state has a property tax deferral program for certain lower income folks. But the person would need to apply for those benefits and make certain not to let property tax lapse as its a technical default with a reverse mortgage and can lead to forced loan closing or foreclosure.The homeowner is still responsible for all expensesrelating to the home when they obtain a reverse mortgage. That includes taxes, insurance, repairs, maintenance, utility costs, municipal assessments, etc. Their responsibilities are the same as they would be if they didn't have the reverse mortgage. In addition, a homestead is generally subordinated to a mortgage. To confirm that factor you can check the provisions set forth in the mortgage.
Who offers reverse mortgages?
You can get a reverse mortgage from several places. There are both brokers and bankers in the business. Financial Freedom and Bank of America has exited the reverse mortgage market, however others are still going strong. a simple Google search will pull several up. Just make sure to shop it as you would any other mortgage to get the best terms and the right style of reverse mortgage for you. you can always check out my website as well, here are some specific lenders, but there are many more: Met Life Bank Reverse My Mortgage Wells Fargo Generations
