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User Name:
JBerman47
(member since 4/24/2009)
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0 Questions and 8 Answers
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While there likely are a handful of private or proprietary reverse mortgages still available, almost...
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While there likely are a handful of private or proprietary reverse mortgages still available, almost all of such programs were eliminated as casualties of the credit crunch of 2008. Private financing for reverse mortgages has become nearly impossible to attain, and as a result, nearly all proprietary reverse mortgage programs have been placed on indefinite hiatus.
In most cases, a line of credit from a reverse mortgage cannot be used in that manner. You can draw...
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In most cases, a line of credit from a reverse mortgage cannot be used in that manner. You can draw the money up to a certain limit, but you generally are not allowed to pay it back over time. Some companies may permit you to use the line of credit in such a fashion, but the decision is made on a company-by-company basis, and the majority of lenders do not offer such an option
Unfortunately, the only way you can re-do the reverse mortgage is by refinancing it, essentially rep...
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Unfortunately, the only way you can re-do the reverse mortgage is by refinancing it, essentially replacing your existing reverse mortgage with another one. If your home has decreased in value, then you almost certainly will not qualify for as much money with a reverse mortgage as you did originally, and thus will not be able to refinance it. It should be noted though that reverse mortgages have a protection built into them such that should you wind up owning more than the property is currently worth when the reverse mortgage comes to an end, then your estate is required to pay back only the value of the property, and any amount you owe beyond that is wiped at the conclusion of the reverse mortgage. This prevents the homeowner from being saddled with extra debt at the end of the reverse mortgage.
Assuming that the property had multiple titleholders when the reverse mortgage was acquired, then th...
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Assuming that the property had multiple titleholders when the reverse mortgage was acquired, then the death of one titleholder would not end the Reverse Mortgage. A Reverse Mortgage only comes to an end when all of the titleholders have died or moved permanently (or have sold the property).
As of this year, the HECM reverse mortgage program can be used to purchase a property without the ne...
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As of this year, the HECM reverse mortgage program can be used to purchase a property without the need to get a bank loan between the two. So long as you intend to make that property your primary residence (and then do so), there should be no need to avail yourself of a bank loan.
You can sell the property you currently own, pay off the reverse mortgage using part of the proceeds...
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You can sell the property you currently own, pay off the reverse mortgage using part of the proceeds, and then use the remaining proceeds to place a down payment on a new home upon which you will get a new reverse mortgage. In that case, you would not be able to get a bank loan on the new property at all, for a reverse mortgage has to be the only lien you have on a given property.
That depends on what sort of home loans you are referring to. You cannot have two different reverse...
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That depends on what sort of home loans you are referring to. You cannot have two different reverse mortgages at the same time, as a reverse mortgage can only be acquired on your primary residence. Other types of home loans may have different rules.
Generally speaking, a Reverse Mortgage is only applicable to the property you originally got it on. ...
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Generally speaking, a Reverse Mortgage is only applicable to the property you originally got it on. While it might be possible to work some sort of deal out with the company you originally did business with, you will probably need to replace your existing reverse mortgage with one from your new home. Depending on the balance on your existing reverse mortgage and the value of your new home, you may need to bring extra cash to the table in order to pay off your previous RM.
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