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Issues with Reverse Mortgages & Adult Children Living in Home

My mother has a reverse mortgage and I've been reading and trying to understand it all. Basics..... her house was appraised at 390,000 back in 2007, she owed 113,000 on a previous loan. "Original principal limit" 234,000 minus the 113,000 leaves 121,000. Her payment plan was the line of credit which was 99,000 first Question where does or who the...
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Selling an “Upside-Down” Reverse Mortgaged Home

I am still confused about a debt after I sell. My wife and I have a current reverse mortgage debt of $300K on a Seattle (98146) house valued by Zillow at $310K. At time of reverse mortgage award it was appraised at $380K. We took out the reverse mortgage about 15 years ago thinking it would be our home...
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What Happens When Your Reverse Mortgage Money Runs Out

My parents have a reverse mortgage with a line of credit that has run out of money. It was very helpful to them for many years. One parent is in a long-term care facility and on Medicaid. My other parent is living in the home and my understand can live there for as long as alive and able to live...
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How a Reverse Mortgage Deed in Lieu of Foreclosure Works

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? Expert Q&A’s

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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