'Heirs & Loan Maturity' Category Archives

How a Reverse Mortgage Deed in Lieu of Foreclosure Works

Hello ARLO, my mom procured a reverse mortgage when property values were high. She can no longer live alone in the home and has vacated it; we cannot sell it because the home has devalued in accordance with the failed economy. The family is attempting to process, through an attorney, a Deed in Lieu of Foreclosure, but the loan has...
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Reverse Mortgage Foreclosure Has No Effect on Heirs

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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How to Purchase a Home That Has a Reverse Mortgage

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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Timeframe to Vacate Home After Reverse Mortgage

Hello ARLO, My father passed away in October 2018. He had a live-in caretaker for several years. I decided to sell the house in California, while the caretaker is occupying the home to keep the property safe and away from squatters and facilitate the viewing. One offer from a buyer fell through and the caretaker approached my agent wanting to...
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What Happens When a Reverse Mortgage is Assigned to HUD

We received a notice from reverse mortgage that the loan is being assigned to HUD they also gave the name of company that would be handling it. I looked company up and they have horrible complaints one main one being that the heirs do everything required to settle home and this company just foreclosures the house before they can do...
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