How much can i qualify for?

Hi Tony,

The lender will certainly allow an amount of time that is reasonable to resolve estate issues and generally, will commence legal action if the loan is not repaid within 1 year from the time you inherit the house.

Blue

I'm going to insert a link for information concerning reverse mortgages.

The most import part of this site is the calculator it's a good place to start looking. If you have any questions about using the reverse mortgage calculator feel free to contact me......to the moderators.I have nothing to do with this company but I keep the website in my favorites because it's a quick way to qualify a client for a potential reverse mortgage.

"http://financialfreedom.com/"

Tony you would need to be on title for at least a year to be on the reverse mortgage. There is a time limit for the estate or heirs too pay off the reverse mortgage but I don't have that info at my finger tips feel free to contact me and I will get that information.

[Edited by Jessica as per forum rules. Thanks.]

our home has a sev of about $67,000. It's value should be at least $130,000-135,000. It is in the city of Davison , Mi. 48423. corner lot and 2.5 car garage.
We had to take out a mortgage of $80,ooo last year on a 2/1 adj.morg. thinking we would do a reverse mortg in 2007, because I will be 62yr old then. The other person living in home and on the deed is 74yr old. Are we going to be able to do a reverse mortgage on our home? We have to make a descision because if I retire at age 62 or 63 we can not afford to keep the home with out it. We were under the understanding that we could do one and not have any paymts. as long as we lived there.
Please give me some feed back on what to do.
Thanks
Rae Niles

Hi Rae,

Welcome to the MortgageFit Forums.

You can definitely get a reverse mortgage after you retire and what you have heard is right. Once you get a reverse mortgage you will not have to pay anything to the lender instead the lender will pay you as long as you live in that property.

But if you do so then you will have to prepay your 2/1 adjustable rate mortgage which may cost you a lot of money in the form of pre-payment penalty. So you should consider this fact also before taking any decision.

I hope this information will help you.

Thanks,

Caron

I am 79 years old. I own my home outright, no mortgages. 3-1/2 acres
on the backwater of Logan Martin lake in Alabama. State has appraised
my property $188,500.00. for property tax purposes. When you say
pay off debts, is this on the property or are other debts included?

Hi Ann

Yeah that includes all the debts.

Hi Ann,

Welcome to MortgageFit Forums.

You need to be free from all kinds of debts to qualify for a reverse mortgage program.

But you may qualify even if you have low balances left so that you can pay off the balance from the first installment of your reverse mortgage program.

Feel free to ask if you have any more queries. We will feel happy if we can help you.

For MortgageFit,
Samantha

My parents are in their seventies and I am their only child. When the two of them pass away, I will be the only heir to their assets. They have no debts, because they pay for everything with cash. Now for my question, I am in the process of getting a divorce and am up to my eyeballs in debt. I want to try and keep the house by refinancing all the debt and buying out my husband. Also I need some extra cash for some home improvements, but this will put a real strain on my finances and ultimately force me to sell my house. This is where my parents come in. I would like to ask them if they would consider a reverse mortgage. If they take out all the equity in their home to help me out, does it have to be repaid when they pass or can the bank own it free and clear?

Hi,

Welcome to the Forums.

You can ask your parents to go for a reverse mortgage. This will help you to get out of debt. But after you parents pass away and if you are not able to pay off the reverse mortgage then the bank or the lender will take away the possession of the property.

Getting out of debt is not very easy. May be Debt Consolidation Care can help you in this regard.

Thanks,

Caron.

My wife was told that we can obtain a reverse mortgage that will protect her interest in our home. She is 61 and I am 63. Is their a special legal rider that will secure her ownership in our home.

mr. wasserman, the minimum age for a person to obtain a reverse mortgage is 62. how soon will she be 62?

that aside, how is title held now? do you own the home jointly, or is it in your name only? that's of vital importance.

when questioning legal matters, please discuss it with an attorney - in this case, a real estate lawyer, who can better guide you than the average layperson.

my husband is 68 and i am 65, our home value is around 160000, we owe about 85,000 first and second mortgages. we want to take out a reverse mortgage as once i retire in two years we won't have enough money to pay our mortgages, plus have some other debts. should we refinance at a lower rate 6.76% is what we have now or go for the reverse? so confused.

Hi sherri!

Welcome to forums!

Rather than refinancing the mortgage, it will be a better option to go for reverse mortgage. Once you get the reverse mortgage, you should immediately pay off the mortgage that you have on the property. You won't be liable for paying the reverse mortgage if you stay in the property. If you leave the property or rent it, then you will be liable for paying off the reverse mortgage.

Feel free to ask if you've further queries.

Sussane

Raymond where are you when we need you? Sherri's question above is precisely what you can help with.

Sherri, if you wish to send me a private message on here, that'll be fine...give me a method of getting Raymond in contact with you (he's a reverse mortgage expert) and I'll try to marry the two of you up so he can assist you.

A reverse mortgage does make sense in your case, I'd have to say...but Raymond's your boy.