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What else can I help you with?
Is the payment you receive in a reverse mortgage taxable?
I am a HUD counselor and I can tell you will 100% certainty that it is NOT taxable. At some point your HECM loan will be paid. For this reason, the money you are receiving is a "loan". IRS does not classify it as income. 1. Commonly Asked Questions (FAQ) Frequently Asked Questions (FAQ) are rife in most online sites. Seniors can also take the option of seeking the assistance of a social security adviser or even a financial consultant for advice. While on liberty reverse mortgage website, you can also take advantage of informative pages ranging from reverse mortgage to senior activity ideas to help in making the plan a reality in the not-so-distant future.
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.
How long does the reverse mortgage process take?
usually 3-6 weeks
How can I take advantage of the FHA mortgage insurance reduction for my existing mortgage?
To take advantage of the FHA mortgage insurance reduction for your existing mortgage, you can contact your lender to inquire about refinancing your loan under the new guidelines. This reduction may lower your monthly payments and save you money over time.
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.
Is the payment you receive in a reverse mortgage taxable?
I am a HUD counselor and I can tell you will 100% certainty that it is NOT taxable. At some point your HECM loan will be paid. For this reason, the money you are receiving is a "loan". IRS does not classify it as income. 1. Commonly Asked Questions (FAQ) Frequently Asked Questions (FAQ) are rife in most online sites. Seniors can also take the option of seeking the assistance of a social security adviser or even a financial consultant for advice. While on liberty reverse mortgage website, you can also take advantage of informative pages ranging from reverse mortgage to senior activity ideas to help in making the plan a reality in the not-so-distant future.
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.
How do you refinance with no job?
If your income comes from other than a salary (i.e, commisions, alimony, child support, trust, etc.) you can use the no income no asset (NINA) procedure Ask your local mortgage company or contact Richard Legare at; richard@alliedhomenet.com for the best rates and lowest fees.
How long does the reverse mortgage process take?
usually 3-6 weeks
How can I take advantage of the FHA mortgage insurance reduction for my existing mortgage?
To take advantage of the FHA mortgage insurance reduction for your existing mortgage, you can contact your lender to inquire about refinancing your loan under the new guidelines. This reduction may lower your monthly payments and save you money over time.
Seniors--Take a Dream Vacation Using a Reverse Mortgage?
After a lifetime of hard work, most seniors want to relax and enjoy their retirement. A dream vacation is the perfect way to start the retirement years. In today’s economy, many seniors cannot imagine that they would ever be able to afford that long-desired dream vacation. However, many seniors have not considered the benefits of a Home Equity Conversion Mortgage, also known as a reverse mortgage. A reverse mortgage allows seniors to access the equity in their property. Often seniors are confused about reverse mortgages. Many believe that the house belongs to the bank once a reverse mortgage is closed. This is not accurate. A homeowner has title to the property the same as with a traditional mortgage. Seniors have several options to consider once obtaining a reverse mortgage. First, the senior has the option of doing nothing other than maintaining the property and keeping the real estate taxes and hazard insurance current. Because there are no monthly mortgage payments with a reverse mortgage, the senior’s monthly expenses are not increased. For seniors with a monthly mortgage payment, a reverse mortgage eliminates those payments. The reverse mortgage does not require repayment until the last surviving senior homeowner dies. At that point, the heirs could repay the mortgage by selling the property—keeping any profit after repayment of the reverse mortgage—or by obtaining a traditional mortgage. If the heirs choose not to do so, they can simply walk away from the property, but they are never obligated to repay the reverse mortgage. Second, the senior can always sell the property to someone else and pay off the reverse mortgage. Having a reverse mortgage does not prevent a homeowner from selling the property, as some mistakenly believe. The homeowner retains title to the property, so the bank cannot prevent the sale of the property. A third option available to senior homeowners with a reverse mortgage is refinancing the property. If the homeowner decides not to continue with the reverse mortgage, the homeowner can refinance the property by obtaining a traditional mortgage. Seniors can take advantage of this unique mortgage product and start packing for that long-deserved dream vacation.
What is the purpose of reverse mortgage wells?
A reverse mortgage is available to people age 62 and over and allows them to take a mortgage out on the equity of their home. They do not have to pay back the loan until they pass away, sell the home, or stop living at that property.
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.
What happens if you move and have a reverse mortgage?
Just pay off the reverse mortgage just as any other loan. If there is negative equity you can leave the home to the lender who will take the loss. A reverse mortgage is a non recourse loan, meaning the lender does not have personal recourse against the borrowers if there is negative equity in the home.
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.
What do I need to know in order to get a reverse mortgage?
You need to check with your bank, financial planner, or online resources to determine what steps and information you need to take to determine if a reverse mortgage is right for you. Once you have determined this, there are a variety of services out there that offer, rate and have information about reverse mortgages.
Are reverse mortgage calculators accurate?
In this day and age I would have to say yes, reverse mortgage calculators are accurate. Technology has come a long way. Where calculators use to take up an entire room,now they fit in your hand.
