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Home / Blog / Heirs & Loan Maturity / How Does a Reverse Mortgage Deed in Lieu of Foreclosure Work?

'Heirs & Loan Maturity' Category Archives

How Does a Reverse Mortgage Deed in Lieu of Foreclosure Work?

My mom procured a reverse mortgage when property values were high, in 2005. 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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Can You Leave Home With a Reverse Mortgage?

Carol wrote: Regarding the rule that the homeowner has to reside in the home: how long could that homeowner be absent (e.g. on an extended vacation) before they would be considered not residing in the house. Would they be allowed to have someone else living in the house to care take? Carol, Hi and thank you for your questions....
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How You Can Lose Your Home with a Reverse Mortgage

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A reverse mortgage is a specific kind of loan available to seniors age 62 and older that allows them to turn the equity they’ve built up in their homes into cash they can use for any expense. Because the reverse mortgage is a transaction in which someone borrows against the value of their home, a borrower losing his or her...
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When Does a Reverse Mortgage Need to be Paid Back?

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Carole has sent the following question in ask ARLO! blog. Hello. My step-mother is in her 80's, has dementia, and is the sole Trustee of a Family Trust set up by my father years ago. My brother and I are the beneficiaries. A few years back her neighbors advised and assisted her in placing the house (which had been assigned...
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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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