Posted on: 11th Jan, 2010 07:27 pm
I am 70, totally disabled, my wife is 65 and now retired. I am faced with a $450 a month medicare payment on my ssa and my wife a $110 one plus each of us an medicare advantage policy of $20 a month each. Our mortgage payment is $736 a month, our home is 22 years old and we still owe now $92,000 on it. With our insurance and cost of living expenses, we can no longer afford to keep home. We pay $52 a month mortgage insurance. If we let the lender forclose; will we be subject to a 'Defecincey Judgement'?. Do we have any options?. Thank You.
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Thanks.
:lol:
To know more about Reverse Mortgage :arrow: http://www.mortgagefit.com/reverse.html
Thanks.
:lol:
Hi JLV!
Welcome to forums!
If the lender forecloses the property, then you would be liable for the deficient amount resulting from the sale of the property. If there is equity in the property, then I would suggest you to go for reverse mortgage. As both of you are above 62 years of age, both of you will qualify for the loan. Once you get a reverse mortgage, you will not have to pay the monthly dues for the mortgage. After your death, the lender will sell off the property and recover his dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the lender forecloses the property, then you would be liable for the deficient amount resulting from the sale of the property. If there is equity in the property, then I would suggest you to go for reverse mortgage. As both of you are above 62 years of age, both of you will qualify for the loan. Once you get a reverse mortgage, you will not have to pay the monthly dues for the mortgage. After your death, the lender will sell off the property and recover his dues.
Feel free to ask if you've further queries.
Sussane
