Posted on: 18th May, 2006 07:25 am
If I get a reverse mortage on my all paid for home, does that mean at the time of my death or move out you would own my home?
my husband passed away. he had a reverse done aprox. 4-5 yrs. ago. we married 4 mos. ago. Is there any way I can remain in our home? The amount he owes is way over the value of the home. I have no income and was hoping to rent the rooms out to keep myself afloat. How long does it take for them to evict me?
The good thing is you and your husband's heirs aren't responsible for the negative amount. The bad thing is the loan is now due and payable because the last person on Title no longer occupies the home as their primary residence.
Since the Lender is going to receive a loss, if it were me I'd ask them if you would do a short-sale on the property. That'll reduce the Lenders loss and enable you to stay in the home longer.
You should call the Lender's Customer Service department and review your scenario with a Customer Service Representative. They'll explain the process and tell you what you need to know. The phone number and other information you'll need is located on the Monthly Statement provided by the Lender.
Since the Lender is going to receive a loss, if it were me I'd ask them if you would do a short-sale on the property. That'll reduce the Lenders loss and enable you to stay in the home longer.
You should call the Lender's Customer Service department and review your scenario with a Customer Service Representative. They'll explain the process and tell you what you need to know. The phone number and other information you'll need is located on the Monthly Statement provided by the Lender.
I have a Lis Pendens on my property, can I still get a reverse mortgage?
>>I have a Lis Pendens on my property, can I still get a reverse mortgage?
Yes. Depending on what the Lis Pendens is for, you may or may not have to pay it off when the Reverse Mortgage funds, just as if it were a Judgement. Is it related to Medical? What is it for?
Yes. Depending on what the Lis Pendens is for, you may or may not have to pay it off when the Reverse Mortgage funds, just as if it were a Judgement. Is it related to Medical? What is it for?
So if there is already a reverse mortgage against a property and a judgment creditor records a 2nd, can the creditor then foreclose?
>>do she state that she sold her residence or not
No. The bank doesn't get the house with a Reverse Mortgage, that's the most common misconception there is. Your Mother still holds Title to her home 100%. She doesn't need to report anything for tax purposes, unless shes made a payment. In that event she may be entitled to an interest deduction. However, most people don't make any payments on their Reverse Mortgage, and if your Mom hasn't made any payments, you don't have to do anything except enjoy the benefits of her Reverse Mortgage.
No. The bank doesn't get the house with a Reverse Mortgage, that's the most common misconception there is. Your Mother still holds Title to her home 100%. She doesn't need to report anything for tax purposes, unless shes made a payment. In that event she may be entitled to an interest deduction. However, most people don't make any payments on their Reverse Mortgage, and if your Mom hasn't made any payments, you don't have to do anything except enjoy the benefits of her Reverse Mortgage.
My sister is having hard times. She owes credit card companys $30.000 or so, she owes $43,000 on a equity loan and has a $11,000 lien on the home. She is 62 and the house is worth about 190,000. Would she be able to obtain a reverse mortgage? And if so what happens to the lien and the balance?
Hi charlie!
Welcome to forums!
As your sister has equity in her property, then she would be able to secure a reverse mortgage. However, the lender will either want her to pay off the loan and the lien on the property before taking out the loan or immediately after taking out the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your sister has equity in her property, then she would be able to secure a reverse mortgage. However, the lender will either want her to pay off the loan and the lien on the property before taking out the loan or immediately after taking out the mortgage.
Feel free to ask if you've further queries.
Sussane
Can any bank, creditor, judgement etc. take my reverse mortgage money
Hi Betty,
If the reverse mortgage proceeds are deposited in your checking/savings account, then the bank or a creditor can garnish that account and take the proceeds. However, in order to do so, he will have to get a judgment against you from the court.
If the reverse mortgage proceeds are deposited in your checking/savings account, then the bank or a creditor can garnish that account and take the proceeds. However, in order to do so, he will have to get a judgment against you from the court.
>>do she have to do any file this when she files her federal income taxes for 2008
No. Proceeds from a Reverse Mortgage are non-taxable.
No. Proceeds from a Reverse Mortgage are non-taxable.
>>would she be able to obtain a reverse mortgage? and if so what happens to the lien and the balance?
yes. the reverse mortgage would pay off her existing mortgage and equity line, which would relieve her of the monthly mortgage payment obligation, and also provide her with an additional (approximately) $47,000.00 or monthly check for $185.00 (non-taxable). she'd be left with $17,000.00 after paying off her credit card debt.
if she were my mom, i'd also explore the option of elminating the $30,000.00 credit card debt with a chapter 7 bankruptcy, as opposed to paying it off with the reverse mortgage proceeds.
yes. the reverse mortgage would pay off her existing mortgage and equity line, which would relieve her of the monthly mortgage payment obligation, and also provide her with an additional (approximately) $47,000.00 or monthly check for $185.00 (non-taxable). she'd be left with $17,000.00 after paying off her credit card debt.
if she were my mom, i'd also explore the option of elminating the $30,000.00 credit card debt with a chapter 7 bankruptcy, as opposed to paying it off with the reverse mortgage proceeds.
I am helping my neighbor fill out her income tax. She will probably be filing a 1040 A--Do I have to do anything special with her reverse mtg she got from the bank last year?
You only need to be concerned if she made any payments against the Reverse Mortgage. Most people don't pay anything towards their Reverse Mortgage, so they won't need to mention it with their annual taxes.
have reverse mort which has negative cash flow, can a collection agency attach a lien on my house?