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Reverse Mortgage Foreclosure Has No Effect on Heirs

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My MIL and FIL recently entered a reverse mortgage. House in good shape and worth about $150,000. I expect they will take a large distribution up front as well as withdrawal monthly amounts until they hit the max dictated by the lender. The large distribution up front coupled with fees, closing costs, mortgage insurance and interest build up means that if they continue to live in the house for even 15 years, I expect the loan balance to exceed the value of the home. Glad for the non-recourse nature of... Read Full Article

Steps for Heirs to Repay Reverse Mortgage After Death

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If you are the heir to a borrower who has a reverse mortgage who has passed, here are the steps we recommend you follow: Time to Payoff Reverse Mortgage Generally you will have up to 6 months to refinance the reverse mortgage into a loan of your own, or up to 12 months to sell. (Each 3 months requires an extension by the loan servicer.) Step 1. Locate the last reverse mortgage statement.  We have guidance here for how you can read the statement, so you know what... Read Full Article

One Reverse Mortgage Problem No One is Talking About

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..one originator’s observations about the undiscussed reasons for problems with the MMI fund. We heard from Brian Montgomery at the annual NRMLA meeting that he envisions further changes coming down the road for the HUD HECM program.  Jessica Guerin at The Housing Wire (Housing Wire on Brian Montgomery) tells us that Montgomery outlined the “fixes” attempted by HUD and that they amounted to, in his words, short term fixes that have not worked to stop the losses the reverse mortgage program is suffering. FHA Commissioner Montgomery Hints That... Read Full Article

How to Obtain a Partial Reconveyance from the Lien-holder

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My neighbor has a reverse mortgage loan, but she has passed away and her relatives live in the home. They are now in the process of selling the home. They have 5 acres with the home and I am interested in buying an acre of the land that borders my property. Is there a way to buy the land and will the proceeds go to the mortgage company and reduce the amount owed on it or could it go to the relatives who live in the home? Or will I... Read Full Article

ALL-NEW Jumbo Reverse Mortgage with Line of Credit Feature!

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All Reverse Mortgage® is proud to announce our new Jumbo Reverse Mortgage Line of Credit (RMLOC). Like the Home Equity Conversion Mortgage (HECM), it is a non-recourse loan, meaning neither the borrowers nor their heirs shall have personal liability. Our Jumbo RMLOC has no mortgage insurance, up front or annual renewal.  The line of credit available grows at an annual rate of 5% on the unused portion of the line.  This gives borrowers greater borrowing power on the line in future years when they still have available funds in the credit... Read Full Article

How to Avoid Problems with a Reverse Mortgage Lender-Servicer

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What's the most effective legal way to avoid any expected problems with a new reverse mortgage lender? -Alfred Hello Alfred, This is a very open question.  There are several ways to handle issues with lenders, but it depends on the issue you are having.  And when you say, “expected problems with a new reverse mortgage lender”, that indicates to me that you aren’t even having the issue yet and that this is a new loan you recently closed so it makes it even more difficult to tell... Read Full Article

Reverse Mortgage Options with Disabled Child

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My parents have reverse mortgage. My dad died 5 years ago, my mom is in a nursing home, and I am a 53-year-old disabled woman living in the home. What do I do about living in my home? I have no place to go! - Sylvia Hello Sylvia, I am very sorry to hear of your circumstances.  We have seen this play out many times, where family members are living with the owners of a property with a reverse mortgage but then when the loan becomes due... Read Full Article

What is a Reverse Mortgage, Explained in Simple Terms! (2018 Update)

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A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Funds available are distributed as a lump sum, line of credit or structured monthly payments. What a Reverse Mortgage is: A loan against your home’s equity A loan with no required monthly mortgage payments A loan designed to meet the needs of retirees on fixed incomes Tax-free cash for virtually anything (social security income supplement,... Read Full Article

Dangers of Leaving Spouse off Title for a Reverse Mortgage

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I am in North Carolina and I'm not on the house deed. We applied for a reverse mortgage, signed the papers and appraisal was done today. I question them about me not being on the house deed and I was told it was not necessary. Is this true? If it is, where do I stand? I hate it when I hear stories like this.  I believe you should be given all the information and then allow you to make an informed decision and not just that it’s not necessary. ... Read Full Article

Appraisers Use the Sales Comparison Approach, Not Zillow.

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Here is where Appraisals are not updated and correct? Zillow and others use sales per sq ft for cookie-cutter homes. They omit custom built homes in comparable homes because of lack of construction knowledge and insurance coverage? Costs of replacement coverage and appraisals would place a 5000 sq ft total home cost at $800,000-min w/o lot? Go Figure how you could be insulted at $600k on a no-nothing Appraisal? You just hit the nail squarely on the head but from an angle you didn't mean to go.  Appraisers... Read Full Article

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