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'Heirs & Loan Maturity' Category Archives

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...
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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...
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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. ...
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If I surrender my home to you do I owe any money?

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A browser Laura P. has sent the following question(s) in the ask experts blog. If I surrender my home to you do I owe any money? Hello Laura, I want to be sure I answer this correctly and your question leaves the door open a little so please give me a little room to explain myself here.  The reverse mortgage...
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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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