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Home / Blog / Heirs & Loan Maturity / Reverse Mortgage Options with Disabled Child

'Heirs & Loan Maturity' Category Archives

Reverse Mortgage Options with Disabled Child

    4 comments
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?

    12 comments
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?

    4 comments
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?

    28 comments
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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