Posted on: 02nd Aug, 2011 11:48 am
Thank you for your reply to an earlier question I asked on 8/1/11 about my mothers reverse mortgage. She just died 6/30/11,the RM was taken out in Dec. of 2010,not long ago. She was 92,I am 64,her daughter.Since her home is my primary residence,and I have a Benificiary Deed,it was suggested I take out my own reverse mortgage to pay the mortgage. the house was appraised at 92,000 and 74,450 needs to be paid back. Since I am only 64,would I get enough to pay it back? They want to know what I want to do,I would like to stay here,but will I have to pay them to get the reverse mortgage?
What's the zip code of the house? That'll enable me to get the fees, and see if it'll work for you.
What's the zip code of the house? That'll enable me to get the fees, and see if it'll work for you. I can tell you now though, there'll be a shortfall. That means you're going to have to contribute some money to enable it to happen. If you're unable to contribute the money, the Lender usually starts foreclosure proceedings after 12 months (since the date the loan became due, or the death of your Mother).
To help you determine if you can actually pay the mortgage, you need to tell us about the figures first. You can consult for a mortgage broker to help you out with your problem and discuss with him or her about the specific details and figures.
>>To help you determine if you can actually pay the mortgage
That reply doesn't make sense ... there aren't any mortgage payments with the problem she's asking about.
That reply doesn't make sense ... there aren't any mortgage payments with the problem she's asking about.