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There are many methods of paying off a reverse mortgage, which option used is up to the individual. The methods used to pay it off include: getting a cash advance or a lump sum, using a credit line account, getting a monthly cash advance, a combination of the previous methods, or you can even choose to use the reverse mortgage to purchase an annuity which would give an amount of cash for your life's length no matter where you choose to live.
What else can I help you with?
If a person has a reverse mortgage and dies then how long do heirs have to pay off the mortgage?
The heirs must discuss that with the lender.
What happens to the land in a reverse mortgage contract?
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
Where could a person go to find pros and cons for reverse mortgages?
You can find out more about reverse mortgages by contacting a mortgage broker, or by visiting the library. However, here is a little bit of imformation I have found for you concerning "reverse mortgages". First off, you should know that you must be 62 years of age to qualify for a reverse mortgage. You also need to already own your home outright -- no more mortgage payments!
How is a reverse mortgage satisfied?
When the person making the mortgage dies, the property goes to the lender. Alternatively, you could pay off the amount loaned (plus fees) under the mortgage and get the property back. Hope that helps!Check here for more details:http://www.talkrefinance.com/explain-reverse-mortgage
What do you do if you inherit a reverse mortgage?
If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.
Can you qualify for a Reverse mortgage with balance owed on original mortgage?
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
Can you get reverse mortgage if some one has passed away and left you with the mortgage to pay?
A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.A reverse mortgage is generally granted by an elderly homeowner who needs additional income and has equity in their property. Reverse mortgages are not available to anyone and are not used to pay off existing mortgages. The mortgage on your inherited property must be paid or the lender will take possession of the property by foreclosure. Rather than trying to take out another mortgage to pay it off, you should consult with the lender to see if it will allow you to assume the existing mortgage. There may be a provision in the original mortgage that allows heirs to assume the debt. Check the mortgage document.
When a person dies with reverse mortgage can their children take over if 62 or older?
Generally, they would need to pay off the lender to redeem the property. The lender's object in a reverse mortgage is to obtain title to the property upon the death of the mortgagor not to allow the family to benefit from the original transaction indefinitely. You should discuss the matter with the lender.
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.
What are the benefits of a reverse mortgage?
A good thing about reverse mortgage is that it does not have to have any income to qualify. Like the regular mortgage, it doesn't have any monthly loan payments. When your property gets sold, your mortgage will get paid off without any risk.
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.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
