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'Heirs & Loan Maturity' Category Archives

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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Why Does a Reverse Mortgage Have a Balloon Repayment?

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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...
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How does a reverse mortgage work for heirs?

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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...
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Reverse Mortgage Heirs: How Much Will You Owe?

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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...
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Do Heirs Have Any Recourse to a Reverse Mortgage?

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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...
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