Answers
We have non recourse reverse mortgage and
we have to move out period. we want to use the
credit line to pay off credit card debit. Also if it is
a non recourse loan can their be a foreclosure.
We have excellent credit but now moving is
inevitable.
ironic nick name
goldy locks
a reverse mortgage is money that goes to YOU every mo for
20 or more often 30 yrs. IT is repaid in a lump sum at the end
of the note.
U have to move out--you did not say why. Actually, it does not
matter. It does not matter who lives in the liened home.
u can use the reverse mortgage cash for ANY purpose.
naturally, the lender will foreclose on the house-he is not giving
away money; the house is his collateral. But remember, that
note is not due for years; unless u have a very unusual one
that has a due date in less than 15 yrs.
Before taking out a reverse mortgage speak to a lawyer or family member and be sure you understand exactly what theyre offering you. A reverse ...
I understand you can opt for payments, lump sum, line of credit, etc.
If you take a lump sum or set up a line of credit can creditor's attach your line of credit?
Creditors cannot attach to your line of credit, but they can place a judgement on the title to your property which will prevent you from obtaining a line of credit.
PS - I'm not a big fan of reverse mortgages. They are costly to get into and the interest rates are pretty high. But they do have their place in the market. They're mostly considered to be a hardship loan. Please research all options before taking a reverse mortgage and by all means find a reputable lender in your area. To learn more about reverse mortgages, please check out the link below which is through FHA.
http://www.hud.gov/buying/reverse.cfm
I want formula for reverse mortgage.
formula for line of credit also.
Please give a clear formula.
please tell me the formula and not the link sto web calculators
IDK if this'll answer, but here's a website you can check out for a start. There's a mortgage calculator or two on it. It also has PLENTY of info on credit.
http://www.myfico.com
Have fun. I did! lol. Hope it helps. Take care. God bless.
My elderly family member owns a home (paid it off years ago) but now has a line of credit against the house for 100K. I am concerned that this member of my family is running out of money and will need a reverse mortgage in the next year or two as they will require an in home health care worker. I would guesstimate the value of the home to be 275K to 300K right now. Does anyone know if a reverse mortgage would be possible for her?
Hello - Please go to this website:
http://www.hud.gov/offices/hsg/sfh/hecm/ hecmhome.cfm
This is the official site by the US Department of Housing and Urban Development. Better known as HUD.
There is also information by state. There is another web link from the site and it is: http://www.reverse.org/
Good luck to you and for caring about your loved ones.
My mother has a line-of-credit type Reverse Mortgage. She really could live without it but now that she has it, can she get an annuity, and will that be a wise decision. She has had the loan for 1 year.
what kind of annuity?
no to a fixed period of years annuity, maybe to a life long annuity
Things You Need to Know About Reverse Mortgages
A reverse mortgage (lifetime mortgage) is a loan available to seniors that lets you convert a portion of the home equity in to cash as one lump sum or multiple payments. The equity that built up over years of home mortgage payments can be paid to you. The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves.
The lender cannot take your home away from you, if you outlive the life of the loan. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house, and keeps property taxes and insurance current. You can never owe more than the value of your home at the time you or your heirs sell the home.
...News
Trading Home Equity for CashNew York Times (blog) - Dec 17, 2009
DSNews.comFor seniors who want to remain in their homes, reverse mortgages can provide a lump sum, monthly checks, a line of credit, or a combination of these. Forbes says Avoid Reverse Mortgagesall 13 news articles »
Personal Finance (blog) - Dec 27, 2009
Reverse Mortgages: the Pros & ConsJD points out that there is considerable flexibility with a reverse mortgage. You can get cash in the form of a line of credit, a monthly check, and more »
Globe and Mail - Dec 30, 2009
DOA's label rocks the DIY ethicThe business was left dormant for many years until revived by a line of credit obtained in 1998. The label has handled more than 50 full-length albums fromHULIQ - Dec 13, 2009
We receive calls every month from borrowers who have had their equity lines of credit taken away and since they can no longer receive a loan wherein their and more »
New York Times - Dec 04, 2009
Zoar Filwilder recounted how Chase Bank canceled the line of credit for his company, Mavid Construction of Scottsdale, Ariz., despite its good standing and and more »Milwaukee Journal Sentinel - Dec 30, 2009
The kickoff-coverage unit was burned on the opening kickoff when Miami used a reverse for a long return to set up an early touchdown. Let's be honest. and more »CNNMoney.com (press release) - Dec 29, 2009
Entered the public marketplace via reverse merger with Human Bio-Systems, Inc. in early June and began trading on the OTC Bulletin Board under the symbol and more »