Home / Blog / Archive by Category "Heirs & Loan Maturity"

'Heirs & Loan Maturity' Category Archives

Buying Home & Seller Has a Reverse Mortgage – Now What?

    4 comments
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%...
Read Full Article

Reverse Mortgage Solutions (RMS) Foreclosure Problems

    2 comments
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...
Read Full Article

Why Does a Reverse Mortgage Have a Balloon Repayment?

    no comments
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...
Read Full Article

How does a reverse mortgage work for heirs?

    no comments
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...
Read Full Article

Reverse Mortgages: What Happens After Death?

    56 comments
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...
Read Full Article

Reverse Mortgage Heirs: How Much Will You Owe?

    24 comments
Today we received a question that came across one of my blog posts "The Pros and Cons of the Reverse Mortgage" This is an excellent question that I'm sure most heirs have when families may be considering the reverse mortgage. "My grandma is 76, retired once but had to start working again to keep up with the property taxes. My...
Read Full Article

Do Heirs Have Any Recourse to a Reverse Mortgage?

    no comments
A browser Donn H. has sent the following question(s) in the ask experts blog. My mother passed, age 92, She and my stepfather, married 14 years, obtained a reverse mortgage on the house she has owned for 50 years about 6 years ago.. She left my brother and me the house upon her death. My brother is the executor. The...
Read Full Article