Reverse Mortgage Information Please

You can only get a Reverse Mortgage if all homeowners are 62 years old or older.

If your mother wishes to do a Reverse Mortgage, she should apply.

A good Reverse Mortgage Consultant will take your information and advise his/her fullfillment/processing center that a Sale Deed is required to remove you and your brother from the deed. Regardless of to whom the home equity loan was made out to, it too will have to be paid off, and it can be done with a Reverse Mortgage. It would help if this loan does not exceed 45% of the appraised value. Otherwise, it probably wouldn't work out financially.

If your mother chooses to proceed with a Reverse Mortgage, be sure to work with someone in your area. Don't rely on a long distance relationship. I could recommend someone, but that would contradict what I just said, even though I don't know where you are.

I wish to disclose that I do Notary work on Reverse Mortgages only. I cannot advise you on any legal question, and can only tell you what I know about RM's from what I do. My knowledge comes from working with two well qualified Reverse Mortgage Consultants.

Your mother can only get a reverse mortgage if the two of you were to come off title.

Give this some serious thought, as if she were to pass, the two of you would be forced to sell the home or refinance it if you wanted to keep it. If this is something that you would do anyway, then it may be a very good option for you.

The Home Equity Loan must be paid off through the proceeds of the loan. You can run a basic calculation on this website, or GoldenGateway.com has a wonderfully intuitive (free and anonymous) calculator that is different then most others.

I would also be happy to run that calculation for you.

Please dont hesitate to contact me should you have further questions.

Tam


Tamera Field
Golden Gateway Financial
877-632-7890
tammyf@goldengateway.com