Posted on: 31st Mar, 2010 08:31 pm
If an heir inherits a house and has little income, how can they be approved to keep the house and repay a reverse mortgage? Also, are there programs for people on social security disability to get approved to repay a reverse mortgage so they are able to keep a decesed parents house?
Hi ab,
As your parents are deceased, you will have to refinance the reverse mortgage into a normal loan and pay it off. As far as I know, people who are on social security disability can get approved for a mortgage. You can speak to the present lender and check out if you can get a loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you in knowing whether or not you'd be able to get a loan.
Take care.
As your parents are deceased, you will have to refinance the reverse mortgage into a normal loan and pay it off. As far as I know, people who are on social security disability can get approved for a mortgage. You can speak to the present lender and check out if you can get a loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you in knowing whether or not you'd be able to get a loan.
Take care.
by all means you will want to speak to the current lender, to determine the timeframe in which they'll need to be repaid. as a typical rule of thumb, they'll give you a year from the time of death to pay that reverse loan in full. if they're able, and if you qualify, they can certainly provide a new loan to you for that purpose. otherwise, you can visit with another lender or someone within the MortgageFit community to determine your qualifications.
the current reverse mortgage loan must be paid in full, so you'll have to find a new loan somewhere.
the current reverse mortgage loan must be paid in full, so you'll have to find a new loan somewhere.
