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Wes Hudson
(member since 2/6/2009)
Posts:
0 Questions and 6 Answers
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Shey, Thank -you for your Question. Reverse Mortgages are done only on Manufactured Housing that i...
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Shey, Thank -you for your Question. Reverse Mortgages are done only on Manufactured Housing that is has deeded land. The home also should be manufactured after 1976. There are many 55 Communities that are on leased land that prevents them from Getting a Reverse Mortgage as well. Blessings, Wes Hudson weshudson@reversemortgagenation.com SeniorReverseMortgages@yahoo.com 910-262-4083 direct Wilmington NC
Keith, I am now have a Reverse Mortgage Loan on a Modular Home that is in Processing.. The land is ...
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Keith, I am now have a Reverse Mortgage Loan on a Modular Home that is in Processing.. The land is deeded, and near the Intracoastal Waterway in Wilmington NC.. This is a newer home built in around 2004. I have not nor to I anticipate any problems. Hopefully by now you have found a Lender and completed the process. Blessings, Wes Hudson ReverseMortgagesNC.com 910-262-4083 SeniorReverseMortgages@yahoo.com
Geralyn, Yes, you can. You can get what is called a refinance of your Original Reverse, provided yo...
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Geralyn, Yes, you can. You can get what is called a refinance of your Original Reverse, provided you still have enough equity (which you should). I would need to know the amount owed on your original Reverse Mortgage, and the value of your home currently to determine how much you might qualify for this time. Also, as you are now 6 years older, this will help. You can call me anytime Wes Hudson Next Generation Financial Services 910-262-4083 http://www.ReverseMortgagesNC.com Blessings, Wes
John, At one point, the Reverses said they would allow you to use a portion of the equity to purcha...
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John, At one point, the Reverses said they would allow you to use a portion of the equity to purchase. My software says the you must use the appraised value or Purchase price, whichever is lower. I don't know the selling price of the home, but I used 150K in the example (appraised) selling price of 82.5K, and the software says you need 24K and change to buy it at age 72. Blessings, Wes 910-262-4083
Amy, God Bless you. I am sorry for your loss. If the Reverse paid off the Mortgage when she took i...
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Amy, God Bless you. I am sorry for your loss. If the Reverse paid off the Mortgage when she took it out, she should have some equity left. I would estimate around 70-80K, just based on the information you have provided. Contact the Mortgage Co (The Reverse), let them know she has passed. You can either sell the home to pay off the Reverse, or get a forward Mortgage to pay the balance, and then you own the home. The Reverse co will give you 6 mos to sell it, and grant you up to two 90 day extensions if needed (maybe more in this market) If I can help in any way, let me know. Wes Hudson SeniorReverseMortgages@yahoo.com 910-262-4083
Hi Looking, Here is what may work; There is a new product called a HECM Purchase. Your mother coul...
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Hi Looking, Here is what may work; There is a new product called a HECM Purchase. Your mother could purchase it from you, but to do that, she would need some cash, maybe about 30%, the rest could be on a RM. So she would need about $128K. These would have to come from her own funds, they could not be gifted to to her. Then, she could retire the mortgage. With this new product, 1-4 multi family units are allowed, provided the one unit is her primary residence. If you try and transfer the title, most likely the lender would invoke a due on sale clause, meaning your whole 265 K would then become due. Check with your lender, ask them about transferring title to her. In the previous scenario, you are basically selling the property to her for 425K, 128K cash, and 297K on a Reverse Mortgage. Based on the new Mortgagee letter, there may be a way for you to sell the property below appraised value, and have her put up minimal cash. We have not received final confirmation on that at this time, but I doubt you want to give up 160K or a large portion of it. The rules are pretty strict on the purchase funds, they are to come from the sale of a Residence, Savings, 401K, IRA, or other retirement funds. If you are serious about exploring this, I'll be glad to help. Blessings, Wes Hudson Ist Mariner Bank 910-262-4083 SeniorReverseMortgages@yahoo.com I can originate Reverses in all 50 states www.ReverseMortgagesNC.com
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