Reverse Mortgage Line Of Credit

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.

2009-09-21 10:11:21 by goldylocks

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

2007-08-01 12:13:26 by Incognito

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.

2008-07-19 01:30:05 by rahul b

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

2007-02-26 15:28:39 by nochocolate

What is the difference between a Home Equity Line of Credit and a Reverse Mortgage. I'm trying to help my mother get some money for a new oil furnace and some repairs on our garage.

Reverse Mortgage:
http://en.wikipedia.org/wiki/Reverse_mor tgage
A reverse mortgage (known as lifetime mortgage in the UK) is a type of loan available to seniors (62 and over in the US), used as a way of converting their home equity (the value of the home, minus the amount of any existing mortgages) into one or more cash payments while retaining ownership of the property (continuing to live there) and avoiding monthly payments. Repayment of the loan is deferred until the borrower is no longer living in the home.

A reverse mortgage borrower may encounter many financial hazards in taking out a reverse mortgage. First, reverse mortgages are very expensive while promising an uncertain amount of benefits. For example, a typical reverse mortgage may provide to the consumer a $300 per month payment with a monthly compounded interest rate of 1%. Over the course of ten years, the borrower will receive $36,000, but by that time she will owe almost $70,000-almost twice as much as she has received.

http://en.wikipedia.org/wiki/Home_equity _loan
A home equity loan
A home equity loan is a type of loan in which the borrower uses the equity in his home as collateral. Montly payments are required.

2006-12-13 15:33:47 by Timothy