Posted on: 03rd Jan, 2007 11:33 am
As my step father has recently passed away I\'m just asking if my mother can find a company that has a \"reverse mortgage\".
I don\'t actually need a mortgage myself.
I don\'t actually need a mortgage myself.
Hi Stef,
Welcome to Mortgagefit forum.
Sorry hear about your step father's demise.
Your mother can get a reverse mortgage and there are many lenders who will provide such a loan.
But before that the first criteria to qualify for such a loan is that your mother should be aged 62 or more than that, otherwise it will not be possible.
Colin
Welcome to Mortgagefit forum.
Sorry hear about your step father's demise.
Your mother can get a reverse mortgage and there are many lenders who will provide such a loan.
But before that the first criteria to qualify for such a loan is that your mother should be aged 62 or more than that, otherwise it will not be possible.
Colin
Hi Stef,
Reverse mortgage is paid as a credit line account or as combination of monthly cash advances plus a credit line account. And it is up to your mother to select the option suitable for her.
If your mother is aged 62 or more as Colin said then before contacting lenders for getting a reverse mortgage you should go through the other relevant details about this type of loan from this page: Features of reverse mortgages
Thanks
Blue
Reverse mortgage is paid as a credit line account or as combination of monthly cash advances plus a credit line account. And it is up to your mother to select the option suitable for her.
If your mother is aged 62 or more as Colin said then before contacting lenders for getting a reverse mortgage you should go through the other relevant details about this type of loan from this page: Features of reverse mortgages
Thanks
Blue
Yeah, your mother can get a reverse mortgage provided she fits the eligibility criteria, primarily the age here.
And, she will not have to make any monthly payments during the loan period.
Only when she passes away, her heirs will have to pay off the loan. Or else, if she insists on selling the property after some months, well then she needs to repay the entire amount borrowed.
And, she will not have to make any monthly payments during the loan period.
Only when she passes away, her heirs will have to pay off the loan. Or else, if she insists on selling the property after some months, well then she needs to repay the entire amount borrowed.