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Misheloff.
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January 12, 2009 at 11:37 AM #327900January 12, 2009 at 1:36 PM #327468
Misheloff
Participant>”What kind of restrictions can be placed on the rev mtg with regard to purchase of the home by the heirs? Is there something that the lender can do to make it difficult to keep the house in the family?”
Absolutely none. When the owner passes, the debt becomes “due” and the heirs have 12 months to decide if they want to purchase the home or let it go back to the lender.
Reverse mortgages are very strictly regulated as they are a government loan. One last thing to be careful of. Reverse mortgage counseling is a requirement – but most of these counselors receive very little training, and not all, but most, are complete idiots and can scare seniors right out of doing the loan with their misinformation!
January 12, 2009 at 1:36 PM #327804Participant>”What kind of restrictions can be placed on the rev mtg with regard to purchase of the home by the heirs? Is there something that the lender can do to make it difficult to keep the house in the family?”
Absolutely none. When the owner passes, the debt becomes “due” and the heirs have 12 months to decide if they want to purchase the home or let it go back to the lender.
Reverse mortgages are very strictly regulated as they are a government loan. One last thing to be careful of. Reverse mortgage counseling is a requirement – but most of these counselors receive very little training, and not all, but most, are complete idiots and can scare seniors right out of doing the loan with their misinformation!
January 12, 2009 at 1:36 PM #327876Participant>”What kind of restrictions can be placed on the rev mtg with regard to purchase of the home by the heirs? Is there something that the lender can do to make it difficult to keep the house in the family?”
Absolutely none. When the owner passes, the debt becomes “due” and the heirs have 12 months to decide if they want to purchase the home or let it go back to the lender.
Reverse mortgages are very strictly regulated as they are a government loan. One last thing to be careful of. Reverse mortgage counseling is a requirement – but most of these counselors receive very little training, and not all, but most, are complete idiots and can scare seniors right out of doing the loan with their misinformation!
January 12, 2009 at 1:36 PM #327897Participant>”What kind of restrictions can be placed on the rev mtg with regard to purchase of the home by the heirs? Is there something that the lender can do to make it difficult to keep the house in the family?”
Absolutely none. When the owner passes, the debt becomes “due” and the heirs have 12 months to decide if they want to purchase the home or let it go back to the lender.
Reverse mortgages are very strictly regulated as they are a government loan. One last thing to be careful of. Reverse mortgage counseling is a requirement – but most of these counselors receive very little training, and not all, but most, are complete idiots and can scare seniors right out of doing the loan with their misinformation!
January 12, 2009 at 1:36 PM #327980Participant>”What kind of restrictions can be placed on the rev mtg with regard to purchase of the home by the heirs? Is there something that the lender can do to make it difficult to keep the house in the family?”
Absolutely none. When the owner passes, the debt becomes “due” and the heirs have 12 months to decide if they want to purchase the home or let it go back to the lender.
Reverse mortgages are very strictly regulated as they are a government loan. One last thing to be careful of. Reverse mortgage counseling is a requirement – but most of these counselors receive very little training, and not all, but most, are complete idiots and can scare seniors right out of doing the loan with their misinformation!
January 12, 2009 at 2:32 PM #327483recordsclerk
ParticipantDoes a reverse have to be a first or can it be a second with equity?
January 12, 2009 at 2:32 PM #327819ParticipantDoes a reverse have to be a first or can it be a second with equity?
January 12, 2009 at 2:32 PM #327891ParticipantDoes a reverse have to be a first or can it be a second with equity?
January 12, 2009 at 2:32 PM #327912ParticipantDoes a reverse have to be a first or can it be a second with equity?
January 12, 2009 at 2:32 PM #327995ParticipantDoes a reverse have to be a first or can it be a second with equity?
January 12, 2009 at 2:58 PM #327527ParticipantAny liens against the property have to be taken out with the reverse – so if someone owes $30,000 on the property prior to taking the reverse, $30,000 of the proceeds must be used to satisfy those liens.
January 12, 2009 at 2:58 PM #327864ParticipantAny liens against the property have to be taken out with the reverse – so if someone owes $30,000 on the property prior to taking the reverse, $30,000 of the proceeds must be used to satisfy those liens.
January 12, 2009 at 2:58 PM #327936ParticipantAny liens against the property have to be taken out with the reverse – so if someone owes $30,000 on the property prior to taking the reverse, $30,000 of the proceeds must be used to satisfy those liens.
January 12, 2009 at 2:58 PM #327958ParticipantAny liens against the property have to be taken out with the reverse – so if someone owes $30,000 on the property prior to taking the reverse, $30,000 of the proceeds must be used to satisfy those liens.
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