Posted on: 25th Apr, 2010 05:59 am
I just finish reading your some of commentns on Reverse Mortgage. My question is should we try for medi cal before we get a Reverse Mortgage? The loan is aready approved. We pull back because we thouht that we could sale their house and move them closer to us. The house apprise for $295.00. My parents need 24 hour care. One of them is blind. The cost to care for them now is about $4,000.00 a month. The money we have is only $75,000.00. Which is use only for their care and house, food ect. They want to stay in there home. Does Mid-cal pay for 24 hour care? Or shold we get the Reverse Mortgage to help them stay in their home longer? (asap)
as far as i can understand, it would be a good option for your parents to stay in the property if they take out a reverse mortgage. the lender will not ask your parents for the mortgage payments if they are staying in the property. after their death, the lender can either sell off the property to recover the dues or you can refinance it and pay the dues to save the property.
as far as medi-cal is concerned, there are joint federal and state program for people whose health problems require 24-hour care in a nursing home.
as far as medi-cal is concerned, there are joint federal and state program for people whose health problems require 24-hour care in a nursing home.
my father and mother are gettng a Reverse Mortgage. The bank says they need a opion letter. What is that and how can I get one?
Hi,
Opinion letter is a letter which an attorney gives to the bank on behalf of the person applying for reverse mortgage. The attorney gives his/her opinion about the client in the letter. Tell your mom and dad to consult with an attorney and send an opinion letter to the bank.
If you have further queries feel free to ask.
Opinion letter is a letter which an attorney gives to the bank on behalf of the person applying for reverse mortgage. The attorney gives his/her opinion about the client in the letter. Tell your mom and dad to consult with an attorney and send an opinion letter to the bank.
If you have further queries feel free to ask.
Thank you for your reply. I have a question for you. The attorney ahta orginally wrote the living trust is no longer handering this account. The house is in a Revocable Living Trust in California. The bank is requesting an opnion letter, because the mon has Alzhemer now. and is unable to revote the house out of the trust for herself for the Reverse Mortgage. My question is can any attorney write an opinion letter for them?
Hi barbara,
An attorney may be able to write a opinion letter on your mother's behalf. You should contact a real estate attorney and he will be the best to help you in this matter.
Thanks
An attorney may be able to write a opinion letter on your mother's behalf. You should contact a real estate attorney and he will be the best to help you in this matter.
Thanks
These are the figures the Bank has given to me. Just wanted to know if these figures are ok before they sign? Hecmfixed---5.56%, Appraised Value $295.00,Principle Limit -$217.415, upfront mip- $5,900, Origination fee--$4,800.00
title ins. fee-$880.00 Other cost-$4,943.89,Total Payoff $48,803.80. Initial advNCE $152,087.31. pLEASE GIVE ME AN ANSWER ASAP. tHANKS
figs. are ok.
title ins. fee-$880.00 Other cost-$4,943.89,Total Payoff $48,803.80. Initial advNCE $152,087.31. pLEASE GIVE ME AN ANSWER ASAP. tHANKS
figs. are ok.
The figures are apparently good. However, I would like you ask you whether or not you had spoken to few other lenders. Speaking to few other lenders will give you an fair idea about the existing rates and terms. This will help you in deciding as to which lender you should go with.