Reverse Mortgages Answers
Are reverse mortgages really a good deal?
Q. Due to financial changes in my life I am considering whether or not a reverse mortgage is all that the banks say they are or just another money-making banking scheme.
Asked by Christa C - Fri Jun 30 19:27:30 2006 - Personal Finance - 8 Answers - Comments
A. 'm sorry but there are many misconceptions out there about reverse mortgages. Many of them are listed by some of these replies. Yes they are real. They were set up by FHA and heavily lobbied by AARP in order to help Senior citizens because they know that social security and pensions do not cut it for a lot of people. I recommend going to aarp to find some really helpful information. or here for the most frequently asked questions.. There really is only one downside to taking out a reverse mortgage. The children are not left with 100% of the value of the home for an inheritance. From my experience and my own personal view, most children would want their parents to live their life to the fullest and don't care if part of their inheritance is… [cont.]
Answered by bburns31 - Sun Jul 2 22:10:10 2006
Q. Due to financial changes in my life I am considering whether or not a reverse mortgage is all that the banks say they are or just another money-making banking scheme.
Asked by Christa C - Fri Jun 30 19:27:30 2006 - Personal Finance - 8 Answers - Comments
A. 'm sorry but there are many misconceptions out there about reverse mortgages. Many of them are listed by some of these replies. Yes they are real. They were set up by FHA and heavily lobbied by AARP in order to help Senior citizens because they know that social security and pensions do not cut it for a lot of people. I recommend going to aarp to find some really helpful information. or here for the most frequently asked questions.. There really is only one downside to taking out a reverse mortgage. The children are not left with 100% of the value of the home for an inheritance. From my experience and my own personal view, most children would want their parents to live their life to the fullest and don't care if part of their inheritance is… [cont.]
Answered by bburns31 - Sun Jul 2 22:10:10 2006
Reverse mortgages and having a life estate?
Q. I put my home into my son's name reserving a life estate. Will I be able to still obtain a reverse mortgage when I turn 62?
Asked by nancym - Thu Sep 24 03:22:09 2009 - Renting & Real Estate - Answers - Comments
A. Not as long as he is in title. All owners must be 62. And as all you hold at this point is a life estate interest, he is a fee simple owner.
Answered by wizjp - Thu Sep 24 07:26:28 2009
Q. I put my home into my son's name reserving a life estate. Will I be able to still obtain a reverse mortgage when I turn 62?
Asked by nancym - Thu Sep 24 03:22:09 2009 - Renting & Real Estate - Answers - Comments
A. Not as long as he is in title. All owners must be 62. And as all you hold at this point is a life estate interest, he is a fee simple owner.
Answered by wizjp - Thu Sep 24 07:26:28 2009
how can i get licensed to sell reverse mortgages?
Q. I would like to sell them, and get trained and licensed for cheap, but from a good institution. Currently i have my salesperson license, would i need a broker first. I am in Cali. Thanks thanks but, Lets say i did work for a broker, or had my borkers license my self (6months away!), what then
Asked by cjkloanguy@yahoo.com - Sat Sep 23 17:12:19 2006 - Renting & Real Estate - 4 Answers - Comments
A. You can originate reverse mortgages with a week or two of training. Usually, there is no license required to originate them, just passing some tests and a background check. Your state may vary. Look up Financial Freedom and Wells Fargo, two of the bigger ones involved. There are others.
Answered by justAthought - Mon Sep 25 20:20:07 2006
Q. I would like to sell them, and get trained and licensed for cheap, but from a good institution. Currently i have my salesperson license, would i need a broker first. I am in Cali. Thanks thanks but, Lets say i did work for a broker, or had my borkers license my self (6months away!), what then
Asked by cjkloanguy@yahoo.com - Sat Sep 23 17:12:19 2006 - Renting & Real Estate - 4 Answers - Comments
A. You can originate reverse mortgages with a week or two of training. Usually, there is no license required to originate them, just passing some tests and a background check. Your state may vary. Look up Financial Freedom and Wells Fargo, two of the bigger ones involved. There are others.
Answered by justAthought - Mon Sep 25 20:20:07 2006
What effect has the Home Mortgage Crisis had on "Reverse Mortgages"?
Q. Reverse Mortgagess have been advertised aggressively for some months now, using different Stars as Spokespersons. At one time, I gave some consideration and chose not to obtain one. How has the current conditions affected those who do have one on their property?
Asked by Farley Z - Sat Nov 22 10:35:54 2008 - Renting & Real Estate - 7 Answers - 1 Comments
A. For individuals who have already obtained a reverse mortgage, the overall mortgage situation will have no affect on their current reverse mortgage loan or cash benefits. However, if the individual was attempting to sell the home or refinance the reverse mortgage loan, then the current value of the home would drive the selling price or the new loan value.
Answered by reversemortgageexpert - Mon Nov 24 19:55:45 2008
Q. Reverse Mortgagess have been advertised aggressively for some months now, using different Stars as Spokespersons. At one time, I gave some consideration and chose not to obtain one. How has the current conditions affected those who do have one on their property?
Asked by Farley Z - Sat Nov 22 10:35:54 2008 - Renting & Real Estate - 7 Answers - 1 Comments
A. For individuals who have already obtained a reverse mortgage, the overall mortgage situation will have no affect on their current reverse mortgage loan or cash benefits. However, if the individual was attempting to sell the home or refinance the reverse mortgage loan, then the current value of the home would drive the selling price or the new loan value.
Answered by reversemortgageexpert - Mon Nov 24 19:55:45 2008
Does any one know about reverse mortgages?
Q. My boyfriend and his mother both own a home and they took out a reverse mortgage.She is over 65 but he's only 55.If the owner has to be over 62 how could they take out this type of mortgage?What happens to the house if she passes away?
Asked by magicsouldream2003 - Mon Jun 14 08:15:45 2010 - Renting & Real Estate - 2 Answers - Comments
A. They can't unless he comes off title. Passes away, the estate can either buy back the house, or deed it over to the lienholder. Usually it goes back to the bank holding the lien
Answered by wizjp - Mon Jun 14 08:17:39 2010
Q. My boyfriend and his mother both own a home and they took out a reverse mortgage.She is over 65 but he's only 55.If the owner has to be over 62 how could they take out this type of mortgage?What happens to the house if she passes away?
Asked by magicsouldream2003 - Mon Jun 14 08:15:45 2010 - Renting & Real Estate - 2 Answers - Comments
A. They can't unless he comes off title. Passes away, the estate can either buy back the house, or deed it over to the lienholder. Usually it goes back to the bank holding the lien
Answered by wizjp - Mon Jun 14 08:17:39 2010
How do you get certified to sell reverse mortgages in florida?
Q.
Asked by hipponutz2003 - Thu May 11 07:44:38 2006 - Renting & Real Estate - 1 Answers - Comments
A. Feel free to send me an email. This is all our company specializes in and we have several reverse mortgage specialists in Florida. I can get you up and running in a very short time.
Answered by bburns31 - Thu May 11 13:31:34 2006
Q.
Asked by hipponutz2003 - Thu May 11 07:44:38 2006 - Renting & Real Estate - 1 Answers - Comments
A. Feel free to send me an email. This is all our company specializes in and we have several reverse mortgage specialists in Florida. I can get you up and running in a very short time.
Answered by bburns31 - Thu May 11 13:31:34 2006
How do reverse mortgages work?
Q. Where can I find out all the details about reverse mortgages?
Asked by John - Mon Jun 7 17:36:21 2010 - Renting & Real Estate - 3 Answers - Comments
A. Hello John, There is nothing better than going right to the source for information. Over 90% of reverse mortgages are known as Home Equity Conversion Mortgage (HECM) which are insured and regulated by the Federal Govt. The address below will take you right to the HUD website concerning reverse mortgages.
Answered by ReverseMortgageSpecialist.com - Tue Jun 8 08:37:03 2010
Q. Where can I find out all the details about reverse mortgages?
Asked by John - Mon Jun 7 17:36:21 2010 - Renting & Real Estate - 3 Answers - Comments
A. Hello John, There is nothing better than going right to the source for information. Over 90% of reverse mortgages are known as Home Equity Conversion Mortgage (HECM) which are insured and regulated by the Federal Govt. The address below will take you right to the HUD website concerning reverse mortgages.
Answered by ReverseMortgageSpecialist.com - Tue Jun 8 08:37:03 2010
Where can I find a list of horror stories about "Reverse Mortgages"?
Q. my sister is trying to get my senior citizen parents involved in what I view as a predatory lending scheme otherwise known as a reverse mortgage.
Asked by ocean swimracer ray - Wed Dec 2 18:34:42 2009 - Renting & Real Estate - 5 Answers - Comments
Q. my sister is trying to get my senior citizen parents involved in what I view as a predatory lending scheme otherwise known as a reverse mortgage.
Asked by ocean swimracer ray - Wed Dec 2 18:34:42 2009 - Renting & Real Estate - 5 Answers - Comments
How can I sell reverse mortgages to seniors?
Q.
Asked by Yasser B - Tue Oct 9 21:41:10 2007 - Renting & Real Estate - 4 Answers - Comments
A. Reverse mortgages, in the right situation, are a wonderful tool for seniors to unlock dead equity in their homes to be able to enjoy their lives in their golden years. I'll use my mother as an example. She's 86 and on a fixed income of $1400/ month. She owns her home free and clear. It's now worth about 110k. What would you want my mom to have? A home that's worth 100k that she can live in until she dies (if she lives to be 100 that's only 14 more years) and then leave behind for me and my brother to fight over and have to go through probate with? Or, a home she can live in until she dies, along with an additional $700/ month in income or 50-80k in cash now to do with as she wishes or a combination of both? What would you want for YOUR… [cont.]
Answered by RealEstateGuy - Wed Oct 10 02:17:04 2007
Q.
Asked by Yasser B - Tue Oct 9 21:41:10 2007 - Renting & Real Estate - 4 Answers - Comments
A. Reverse mortgages, in the right situation, are a wonderful tool for seniors to unlock dead equity in their homes to be able to enjoy their lives in their golden years. I'll use my mother as an example. She's 86 and on a fixed income of $1400/ month. She owns her home free and clear. It's now worth about 110k. What would you want my mom to have? A home that's worth 100k that she can live in until she dies (if she lives to be 100 that's only 14 more years) and then leave behind for me and my brother to fight over and have to go through probate with? Or, a home she can live in until she dies, along with an additional $700/ month in income or 50-80k in cash now to do with as she wishes or a combination of both? What would you want for YOUR… [cont.]
Answered by RealEstateGuy - Wed Oct 10 02:17:04 2007
Can someone give a good explanation of how reverse mortgages work?
Q. I know they're only for senior citizens, and they need to be against only a permanent home that's already paid off, but I don't know anything else about them. I've heard some say that they are the worst possible deal in the world, yet the commercials make them sound good. What actually are all the "gotchas" and dangers of these?
Asked by - Thu Aug 26 09:32:37 2010 - Renting & Real Estate - 3 Answers - Comments
A. Judy's explanation was pretty good. You have to own most of your house and be a certain number of years old. A traditional mortgage you borrow a large sum and then slowly pay it back with principal and interest. In a reverse mortgage you slowly borrow the money (in the form of the monthly payments) and have to pay off the principal and the interest all at the end. If you are receiving payments of $500 a month, at the end of year 1 you'd owe $6000 in principal plus the interest that accrued. At the end of year 2, you'd owe $12000 in principal plus the interest. The longer you get payments, the more and more interest is added to the original loan balance. Many reverse mortgages will pay you per month for as long as you are in the home - and… [cont.]
Answered by Rush is a band - Thu Aug 26 11:27:35 2010
Q. I know they're only for senior citizens, and they need to be against only a permanent home that's already paid off, but I don't know anything else about them. I've heard some say that they are the worst possible deal in the world, yet the commercials make them sound good. What actually are all the "gotchas" and dangers of these?
Asked by - Thu Aug 26 09:32:37 2010 - Renting & Real Estate - 3 Answers - Comments
A. Judy's explanation was pretty good. You have to own most of your house and be a certain number of years old. A traditional mortgage you borrow a large sum and then slowly pay it back with principal and interest. In a reverse mortgage you slowly borrow the money (in the form of the monthly payments) and have to pay off the principal and the interest all at the end. If you are receiving payments of $500 a month, at the end of year 1 you'd owe $6000 in principal plus the interest that accrued. At the end of year 2, you'd owe $12000 in principal plus the interest. The longer you get payments, the more and more interest is added to the original loan balance. Many reverse mortgages will pay you per month for as long as you are in the home - and… [cont.]
Answered by Rush is a band - Thu Aug 26 11:27:35 2010
Do you guys get sick of those celebrities plugging the reverse mortgages?
Q. They are well paid and I'm thinking there are seniors getting in financial trouble because they fall for the hype.
Asked by aceyducey - Fri Dec 17 18:27:30 2010 - Polls & Surveys - 2 Answers - Comments
A. Good perception. Those ads do boil my blood. I have worked with seniors that fall for the reverse mortgage routine. I'm not sure they understand what they are doing. The bank takes out an increasing loan against your house with each payment. When you die, they take over the house because that is how they get repaid from financing the senior citizen for years.
Answered by rac - Fri Dec 17 18:32:32 2010
Q. They are well paid and I'm thinking there are seniors getting in financial trouble because they fall for the hype.
Asked by aceyducey - Fri Dec 17 18:27:30 2010 - Polls & Surveys - 2 Answers - Comments
A. Good perception. Those ads do boil my blood. I have worked with seniors that fall for the reverse mortgage routine. I'm not sure they understand what they are doing. The bank takes out an increasing loan against your house with each payment. When you die, they take over the house because that is how they get repaid from financing the senior citizen for years.
Answered by rac - Fri Dec 17 18:32:32 2010
What are some stocks that could benefit from the expected boom in reverse mortgages?
Q. Reverse mortgages are expected to boom in coming years as baby boomers look to retire. Anyone know of good stocks to consider to profit from this trend?
Asked by Les Ismore - Fri Jul 13 09:47:49 2007 - Investing - 3 Answers - Comments
A. Nothing that isn't REALLY risky right now with the subprime mess. You need to ask this question again in six months or a year after the whole thing has settled down! There isn't a safe harbor in mortgages until that blows over. A list of public mortgage companies -- But I think you'd be smoking crack to touch them until subprime worries either blow up or blow over. Another, possibly safer option would be to invest in any of the big players in mortgage derivatives... Bear Stearns, Sachs, etc... But there again, you've got obvious exposure to the fallout from subprime mortgage debt. I think the subprime/forecl osure issue is going to keep reverse mortgage market in limbo for some time. What retiree wants to even consider the… [cont.]
Answered by Jeff C - Fri Jul 13 11:51:17 2007
Q. Reverse mortgages are expected to boom in coming years as baby boomers look to retire. Anyone know of good stocks to consider to profit from this trend?
Asked by Les Ismore - Fri Jul 13 09:47:49 2007 - Investing - 3 Answers - Comments
A. Nothing that isn't REALLY risky right now with the subprime mess. You need to ask this question again in six months or a year after the whole thing has settled down! There isn't a safe harbor in mortgages until that blows over. A list of public mortgage companies -- But I think you'd be smoking crack to touch them until subprime worries either blow up or blow over. Another, possibly safer option would be to invest in any of the big players in mortgage derivatives... Bear Stearns, Sachs, etc... But there again, you've got obvious exposure to the fallout from subprime mortgage debt. I think the subprime/forecl osure issue is going to keep reverse mortgage market in limbo for some time. What retiree wants to even consider the… [cont.]
Answered by Jeff C - Fri Jul 13 11:51:17 2007
do reverse mortgages for senior citizen work if there home is a mobile home?
Q.
Asked by James T - Mon Feb 23 17:03:56 2009 - Renting & Real Estate - 2 Answers - Comments
Q.
Asked by James T - Mon Feb 23 17:03:56 2009 - Renting & Real Estate - 2 Answers - Comments
How does reverse mortgages work?
Q.
Asked by putiekay - Mon Feb 12 19:17:52 2007 - Renting & Real Estate - 5 Answers - Comments
A. You getted ripped off paying ridiculous closing costs, then get a payment and get to stay in your house until you die or the time elapses on your contract, then the mortgage company owns it. A better idea is to sell your house, invest the money and move into an apartment.
Answered by The Man - Mon Feb 12 19:24:14 2007
Q.
Asked by putiekay - Mon Feb 12 19:17:52 2007 - Renting & Real Estate - 5 Answers - Comments
A. You getted ripped off paying ridiculous closing costs, then get a payment and get to stay in your house until you die or the time elapses on your contract, then the mortgage company owns it. A better idea is to sell your house, invest the money and move into an apartment.
Answered by The Man - Mon Feb 12 19:24:14 2007
How do reverse mortgages work, and are they a safe method to get equity out of my house?
Q.
Asked by MrStevens - Tue Jun 17 01:20:32 2008 - Personal Finance - 5 Answers - Comments
A. A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. Anyways, you can find some info and resources about reverse mortgages here: ___
Answered by InfoDoc - Tue Jun 17 01:21:56 2008
Q.
Asked by MrStevens - Tue Jun 17 01:20:32 2008 - Personal Finance - 5 Answers - Comments
A. A reverse mortgage is a really great thing if you have lots of equity in your home, and you don't have very much liquidated cash to enjoy your retirement. Anyways, you can find some info and resources about reverse mortgages here: ___
Answered by InfoDoc - Tue Jun 17 01:21:56 2008
What is the trick to reverse home mortgages programs? It seems to good to be true?
Q. I have been looking into this for my Dad, but it really seems to good to be true. I know there has to be a trick to this.
Asked by S_Monica - Tue Mar 4 10:29:21 2008 - Renting & Real Estate - 4 Answers - Comments
A. No, there is no trick, but it is a loan. The person getting the reverse mortgage has to owner/occupy their home and all people listed on the title are 62 or older. The loan does not have to be paid back until the house sells, the owner dies or permanently moves out. Of course, the heirs would have to pay off the loan if they wanted to keep the house. Contact one of the mortgage companies and ask for information. It may be perfect for you and it could be a nightmare. I wouldn't borrow money that I did not absolutely have to have.
Answered by drewxjacobs - Tue Mar 4 10:34:38 2008
Q. I have been looking into this for my Dad, but it really seems to good to be true. I know there has to be a trick to this.
Asked by S_Monica - Tue Mar 4 10:29:21 2008 - Renting & Real Estate - 4 Answers - Comments
A. No, there is no trick, but it is a loan. The person getting the reverse mortgage has to owner/occupy their home and all people listed on the title are 62 or older. The loan does not have to be paid back until the house sells, the owner dies or permanently moves out. Of course, the heirs would have to pay off the loan if they wanted to keep the house. Contact one of the mortgage companies and ask for information. It may be perfect for you and it could be a nightmare. I wouldn't borrow money that I did not absolutely have to have.
Answered by drewxjacobs - Tue Mar 4 10:34:38 2008
How much is a reverse mortgages if the house appraisal was 250k?
Q. My mom is doing that to my grandmom's house just to get her money :A I think she's lying about how much money she's going to get back so she has to give my grandma less. So how does the reverse mortgage work? and how much money would my mom get back?
Asked by Dr. C ee ips :} - Fri Jan 4 13:55:15 2008 - Personal Finance - 3 Answers - Comments
A. If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan. This is the perfect way for you to get a reverse mortgage agencies that sell reverse mortgage wholesale lender accounts. These agencies are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account.
Answered by Jackson - Fri Jan 4 20:36:17 2008
Q. My mom is doing that to my grandmom's house just to get her money :A I think she's lying about how much money she's going to get back so she has to give my grandma less. So how does the reverse mortgage work? and how much money would my mom get back?
Asked by Dr. C ee ips :} - Fri Jan 4 13:55:15 2008 - Personal Finance - 3 Answers - Comments
A. If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan. This is the perfect way for you to get a reverse mortgage agencies that sell reverse mortgage wholesale lender accounts. These agencies are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account.
Answered by Jackson - Fri Jan 4 20:36:17 2008
information about reverse mortgages from someone who has done it?
Q. would like to know if anyone has done the reverse mortgage and is it a good idea
Asked by carley - Mon Mar 22 12:19:57 2010 - Renting & Real Estate - 4 Answers - Comments
A. I do not like reverse mortgages. Most people decide to move out of their home at around age 80. Since they can no longer cut the grass or even get around. At that time, they will have NOTHING to their name. Nothing, absolutely nothing. /
Answered by Wreck - Mon Mar 22 12:27:31 2010
Q. would like to know if anyone has done the reverse mortgage and is it a good idea
Asked by carley - Mon Mar 22 12:19:57 2010 - Renting & Real Estate - 4 Answers - Comments
A. I do not like reverse mortgages. Most people decide to move out of their home at around age 80. Since they can no longer cut the grass or even get around. At that time, they will have NOTHING to their name. Nothing, absolutely nothing. /
Answered by Wreck - Mon Mar 22 12:27:31 2010
reverse mortgages?
Q. What revesre mortgage company is reliable and ethical ?
Asked by Dreyfus - Thu Jun 19 16:25:41 2008 - Renting & Real Estate - 4 Answers - Comments
A. It depends, a week ago our sister company hired a specialist on this because of the high demand in south florida. If you would like a name and number email your interest and I can get you to the best person jennifer_
Answered by Jennifer H - Fri Jun 20 15:35:43 2008
Q. What revesre mortgage company is reliable and ethical ?
Asked by Dreyfus - Thu Jun 19 16:25:41 2008 - Renting & Real Estate - 4 Answers - Comments
A. It depends, a week ago our sister company hired a specialist on this because of the high demand in south florida. If you would like a name and number email your interest and I can get you to the best person jennifer_
Answered by Jennifer H - Fri Jun 20 15:35:43 2008
What is the downside of reverse mortgages?
Q. My in-laws are elderly (in their mid and late 80s) and own their home outright. The in home care expenses for my father in law are mounting and reverse mortgaging their home seems to be the answer. Does anyone have any suggestions about who to go with for the lowest rates or what any down sides to this type of financial product are? Thank you all.
Asked by Liligirl - Tue Dec 11 14:50:11 2007 - Personal Finance - 8 Answers - Comments
A. This product has become ever more popular with the aging society. Because of this these loans are changing almost daily. The downside to this type of loan is your house is appreciating after you lock in the payment rate. So in essense you have two things working against you the bank interest on the money they are giving you and the appreciation of the market. Also be wary of the fee's and transferability . If your in-laws were to die, in some cases the bank can make a lump payment to the beneficiary and take the house. In other cases you can pay them back at the sale of the house and take the difference. They are somewhat complicated circumstances and you need to look over all the contract details so you have all the right… [cont.]
Answered by Ryan M - Tue Dec 11 15:02:57 2007
Q. My in-laws are elderly (in their mid and late 80s) and own their home outright. The in home care expenses for my father in law are mounting and reverse mortgaging their home seems to be the answer. Does anyone have any suggestions about who to go with for the lowest rates or what any down sides to this type of financial product are? Thank you all.
Asked by Liligirl - Tue Dec 11 14:50:11 2007 - Personal Finance - 8 Answers - Comments
A. This product has become ever more popular with the aging society. Because of this these loans are changing almost daily. The downside to this type of loan is your house is appreciating after you lock in the payment rate. So in essense you have two things working against you the bank interest on the money they are giving you and the appreciation of the market. Also be wary of the fee's and transferability . If your in-laws were to die, in some cases the bank can make a lump payment to the beneficiary and take the house. In other cases you can pay them back at the sale of the house and take the difference. They are somewhat complicated circumstances and you need to look over all the contract details so you have all the right… [cont.]
Answered by Ryan M - Tue Dec 11 15:02:57 2007
From Yahoo Answer Search: 'reverse mortgages'
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What Is A Reverse Mortgage ?
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Discussion Reverse Mortgage Daily During NBC Today's Money 911 segment on Wednesday, reverse mortgages were one of the topics discussed. My best friends are in their 70s and they have very ...
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