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What kind of trust can a property go to if it has a reverse mortgage?
Wiki User
∙ 13y ago
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
You cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
Wiki User
∙ 13y ago
Anonymous
Anonymous
Wiki User
∙ 13y agoYou cannot transfer your property to a trust if it is subject to a reverse mortgage. You have already assigned your interest in the property to the lender.
Anonymous
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Find out who is holding my lien?
Call a title company to run your property. Ask to see what kind of liens are on your property. If it's a mortgage lien, a copy of the trust deed should have a phone number on there.
What kind of home is approved to be an FHA home?
In regards the the Reverse Mortgage, or Senior Reverse Mortgage, all you need to qualify is for the house to be appraised by a HUD / FHA approved appraiser. You are then eligible to receive a reverse mortgage, so long as you have enough equity in the home, and you are age 62 pr older. In many states, the Reverse Mortgage or HECM (Home Equity Conversion Mortgage) allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.
What happens to the mortgage on a house if the house is deeded to a new owner?
The property cannot be conveyed without the permission of the mortgage holder, who will most likely insist that the mortgage be paid off first. In other words, this is kind of a non-question, since it describes a situation that can't legally happen.If the mortgage holder dies, the house becomes part of the estate, and the heirs would have to work it out with the mortgage company.AnswerIf the owner executes a deed the property would transfer subject to the mortgage. Transferring the property cannot defeat the mortgagees interest in the property. Also, mortgages contain a due on transfer clause. That means if the property is transferred the lender will require payment in full of the mortgage.
How small of a mortgage do you need for reverse mortgage?
This is the WRONG place to get this kind of info. You need to speak with a trusted mortgage specialist because reverse mortgages makes you initial payment a lot higher and it has lots of risk along with that. Be careful, good luck, God Bless. To my knowledge, there is is not a minimum amount. The amount of your loan proceeds depend on the value of your home (an appraisal must be done) and your county of residence. Loan amounts are broken down by county of residence. You DO have to have a certain amount of equity in your home, as you can only borrow a percentage of the home's value. In addition, in many states, the Reverse Mortgage, or Senior Reverse Mortgage, allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details. This type of loan is not right for every individual or every situation, so, do consult a professional. ***** Reverse mortgages are based on two factors, the age of the youngest occupant and the value of the property. The older you are, the more you can borrow and the higher the value of the property, the more you can borrow. Different lenders have different age entry levels, and the percentage of equity or amount of money you can leverage depends upon your age.
What kind of Trust Fund do I set up to pay a mortgage so I do not have to refinance my mortgage once divorced?
If i were you i would not get divorced in the first place you better get here back before she marry someone else
What kind of listing does Realty Trac list?
The kind of listing that Realty Trac list properties in America. These vary from buying a foreclosure property to finding a broker to help with a mortgage.
Can a grantor who is also the trustee break an irrevocable trust?
Warning! An irrevocable trust is not created when the grantor (trustor) is also the trustee. By transferring their property to a trust of which they are the trustee the grantor has retained control over the property. Irrevocable trusts are usually set up for tax purposes. The grantor cannot retain any control over the property in order for the trust to qualify as an irrevocable trust. The trust you describe has failed and left the trust property exposed to creditors and taxes. You need to consult with an attorney who specializes in trust law and tax law.
What kind of contract allows one person exclusive use of a property belonging to someone else?
A "Trust Agreement"
What kind of mortgages does Champion Mortgage offer to consumers?
The company called Champion Mortgage offers many kinds of mortgages to its consumers. These types of mortgages are realty mortgages and reverse mortgages. It also offers insurances like home insurance and flood insurance.
Does homeowners insurance pay off your mortgage if one of the homeowners dies?
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
What legal protection do you have when paying off a mortgage that is only in your partners name when you are not married in the UK?
What legal "protection" do you expect? You have volunteered to pay off someone's debt that is secured by property that you don't own. Paying someone's mortgage doesn't give you any rights in their property. The day the last payment is made the owner of the property can serve you with an eviction notice and they will enjoy the property that you paid for. The question is why do so many people accept that kind of arrangement?
How long can you mortgage property in monopoly?
when its your turn you can mortgage a property so long as you own the property and it has no houses or hotels on it. to mortgage it you just flip the card over and take from the bank however much it says the mortgage is worth (this is always half the value of the street). people who land on your street when it is mortgaged do not have to pay the rent. you can unmortgage your street when it is your turn again and if you sell or trade the street to another player when it is mortgaged then that player must adopt the mortgage and pay it themselves.
