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Mom has Reverse Mortgage & Child Lives in Home, Now What?

 

My mother has a reverse mortgage and Iv’e been reading and trying to understand it all. Basics….. her house was appraised at 390,000 back in 2007, she owed 113,000 on a previous loan. “Original principal limit” 234,000 minus the 113,000 leaves 121,000. Her payment plan was the line of credit which was 99,000 first Question […]

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4 Reasons A Reverse Mortgage May Be a Bad Idea

 

Can a Reverse Mortgage be a Bad Idea? 4 Reasons A Reverse Mortgage May Not Be Right For You…   A reverse mortgage can be a very viable solution for the right homeowner—one who is primarily seeking a way to effectively age in place.   Available to people who are age 62 or older and […]

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What is a Reverse Mortgage Repair Set-aside

 

what is “repair set aside” on the reverse mortgage estimate sheet and how does it resolve . -Louis   Hi Louis,   A repair set aside is money that is made unavailable to the borrower and is “set-aside” for the purpose of making needed repairs to the property.  HUD and lenders have specific guidelines as […]

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How does a Reverse Mortgage for Home Purchase Work?

 

You’ve probably heard about a reverse mortgage as a special type of loan that retirees can use to help pay off a mortgage or increase cash flow during their later years.   A reverse mortgage can be a safe financial alternative to selling the home in which you live and moving away from family and friends, […]

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Can You Access Reverse Mortgage Funds Left After Death?

 

My mother had a reverse mortgage since 2007. Her house at the time was appraised for $510,000. Her credit line was approximately $340,000. To date, she received payments totaling approximately $270,000 with $78,000 remaining available.   We received a phone call from an appraiser for the bank a day after her funeral looking to set […]

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New Reverse Mortgage Seasoning Rule Starts 12/15/2014

 

If you’re considering a reverse mortgage in the near future you need to be aware of one part of the new HUD guidelines that are effective for all new Case Numbers issued on or after December 15, 2014, NOT March 2, 2015 when the rest of Financial Assessment is implemented. HUD has a new requirement that […]

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Reverse Mortgage for Condo on Leased Land Requirements

 

  I would certainly – and for a second time – apply for a reverse mortgage immediately, but I know I’m ineligible. Why? Because the ground lease my condo apartment building has with the Battery Park City Authority (BPCA) does not satisfy a requirement that FHA imposes on condo and co-op applicants – and only […]

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3/2/2015 – Reverse Mortgage Financial Assessment Begins!

 

  HUD issues dates for implementation of financial assessment for reverse mortgages.   In 2013, HUD shocked the reverse mortgage world by announcing that they planned to implement financial assessment guidelines in response to the heavy losses the program sustained in 2012.  The guidelines were set to require borrowers to qualify on the basis of […]

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