No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
No, not if both own the real estate. There are age limits for reverse mortgages. You need to consult with a local bank for some details about reverse mortgages.
the the remaining spouse can still live in the home
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
You still own the house if you have a reverse mortgage, yes.
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.
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.
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.
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
You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.You granted the mortgage on your property and it would not be affected by your subsequent marriage. It is likely there is a clause in the mortgage that you cannot transfer any interest without the banks approval. That would prevent your adding a name to the title. Your property will remain subject to the mortgage and if you are still married at the time of your death either the bank will take possession of your home or your surviving spouse will need to pay off the mortgage if they want to keep the property. The amount due on reverse mortgages grows rather quickly.
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.
If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.
Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
if the wife owned a home prior to marriage and the spouse signed non vested spouse. does the home still belong only to the wife.