Reverse Mortgage

[teatsonabull]

Does she have a life insurance policy that she no longer needs? In a similar fashion to a reverse mortgage, she could potentially sell the life insurance policy for more than it’s cashout value and raise the cash she needs.

[Misheloff]

>”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!

[Misheloff]

>”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!

[Misheloff]

>”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!

[Misheloff]

>”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!

[Misheloff]

>”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!

[recordsclerk]

Does a reverse have to be a first or can it be a second with equity?

[recordsclerk]

Does a reverse have to be a first or can it be a second with equity?

[recordsclerk]

Does a reverse have to be a first or can it be a second with equity?

[recordsclerk]

Does a reverse have to be a first or can it be a second with equity?

[recordsclerk]

Does a reverse have to be a first or can it be a second with equity?

[Misheloff]

Any 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.

[Misheloff]

Any 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.

[Misheloff]

Any 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.

[Misheloff]

Any 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.

[Author]

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