Comments on: Should you get a Wells Fargo Reverse Mortgage? http://www.allrmc.com/blog/wells-fargo-reverse-mortgage Thu, 10 May 2012 23:09:46 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Noble Leisenring http://www.allrmc.com/blog/wells-fargo-reverse-mortgage#comment-52003 Noble Leisenring Tue, 13 Mar 2012 06:38:39 +0000 http://www.allrmc.com/blog/?p=682#comment-52003 We spent $50k+ on a regular bank-issued Mastercard (with only 1% cash back or gift cards, very sad!) last year. We spent $50k+ on a regular bank-issued Mastercard (with only 1% cash back or gift cards, very sad!) last year.

]]> By: admin http://www.allrmc.com/blog/wells-fargo-reverse-mortgage#comment-50744 admin Tue, 06 Mar 2012 02:33:57 +0000 http://www.allrmc.com/blog/?p=682#comment-50744 Hi Renae, The loan becomes due and payable when the last borrower permanently leaves the home. The lender will work with heirs to sell the home or to allow the heirs to arrange for financing ( for example if your brother plans to finance the home in his name). The servicers have told us that they generally work in 3 month increments and have gone out 12 months and sometimes a bit longer on properties on which they felt the family was doing a great job and all that they could to sell the home. On the other hand, if the lender sees that no action is being taken at all to either replace the financing or sell the home, they can begin the foreclosure process relatively quickly as it would still take several months to complete that even after the initial notices had been filed and if they feel that the ultimate action is going to have to be foreclosure anyway, they will seek to minimize costs. Hi Renae,

The loan becomes due and payable when the last borrower permanently leaves the home. The lender will work with heirs to sell the home or to allow the heirs to arrange for financing ( for example if your brother plans to finance the home in his name). The servicers have told us that they generally work in 3 month increments and have gone out 12 months and sometimes a bit longer on properties on which they felt the family was doing a great job and all that they could to sell the home. On the other hand, if the lender sees that no action is being taken at all to either replace the financing or sell the home, they can begin the foreclosure process relatively quickly as it would still take several months to complete that even after the initial notices had been filed and if they feel that the ultimate action is going to have to be foreclosure anyway, they will seek to minimize costs.

]]> By: Renae http://www.allrmc.com/blog/wells-fargo-reverse-mortgage#comment-49978 Renae Wed, 29 Feb 2012 14:46:10 +0000 http://www.allrmc.com/blog/?p=682#comment-49978 I have a question. My father has had a reverse mortgage for at least 2 years now. He is not in the best of health. My mother passed away last year. My brother still lives there, but he is not a minor. In the event of my fathers death, how long will my brother be able to stay in the house? I have a question. My father has had a reverse mortgage for at least 2 years now. He is not in the best of health. My mother passed away last year. My brother still lives there, but he is not a minor. In the event of my fathers death, how long will my brother be able to stay in the house?

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