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'Heirs & Loan Maturity' Category Archives

First Steps for Heirs of a Reverse Mortgage

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A browser Trish  has sent the following question(s) in the ask experts blog. My dad did an AAG reverse mortgage in 2016 and he just passed away on July 29 2018. He left me in charge of everything after he died (verbally only) nothing notarized, what is my first step to do? I am completely lost about everything. ...
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Buying Home & Seller Has a Reverse Mortgage – Now What?

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We are looking to buy a home, and signed a contract for sale for $730,000. The house appraised for just over that amount. Afterwards, we learned that the seller owes more than that ($760,000) on a reverse mortgage. Does HUD/FHA need to approve the sales price before we can close? It seems that because the sales price is within 95%...
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Reverse Mortgage Solutions (RMS) Foreclosure Problems

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My brother passed away Sept 22,2016. Being his brother he made sole heir and ex. of the estate. Did not find out until Oct. 2016 that he had a reverse mortgage I contacted them about my brother death at which time they wanted to know what I wanted to do, I didn't know at the time. As we continue to...
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Why Does a Reverse Mortgage Have a Balloon Repayment?

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With regard to balances going up and equity going down, this sounds like those nightmare balloon situations one hears of. Is the rate of interest fixed for the life of the loan, and is it possible to make payments against principle? You packed a lot into a very short comment/question! Any time a loan has a single repayment instead of...
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How does a reverse mortgage work for heirs?

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Question #1 HOW MUCH INTEREST IS ACCUMULATED ON A $100,000 REVERSE MORTGAGE AT THE END OF 10 YEARS TO PAY BACK.. Question #2 WHAT IF YOUR HOUSE PROPERTY DEVALUES WAY BELOW AMOUNT GIVEN AND YOU HAVE NO WAY TO ECONOMICALLY PAY BACK..EA.HOUSING SLUMP.... Question #3 HOW DOES A REVERSE MORTGAGE WORK FOR MY HEIRS? IS IT POSSIBLE TO PUT ONE...
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Reverse Mortgages: What Happens After Death?

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Seems that one of the most popular questions we get is what happens with my reverse mortgage and my home after death. After all, the reverse mortgage is intended to be the last loan that borrowers will ever need, so this is a question many Mature Americans and their heirs have on their minds. If they do get a reverse...
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