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Asked by a 79 year old man from FL on 10/30/2014
Personal Financial Planning Department
Personal Financial Planning Department, CFP says
Yes, you can get what's called a proprietary reverse mortgage. This allows you to insure your reverse mortgage through banks and mortgage companies rather than FHA. These types of reverse mortgage's are usually for high-valued homes that are $750,000 or more. http://www.reversemortgage.org/about/typesofreversemortgages.aspx This answer is ... (Read More)
Asked by a 68 year old man from NY on 10/30/2014
Tricia Drago
Tricia Drago,  says
In order to qualify for a reverse mortgage, the home in question must be your primary residence. If it is a rental property it would not qualify regardless of your spouse being on title. Also the new younger spouse regulations require you to include your non-borrowing spouse when you take a reverse mortgage loan, regardless of ... (Read More)
Asked by a 72 year old woman from CA on 10/29/2014
Tricia Drago
Tricia Drago,  says
Many retirees use the proceeds of a reverse mortgage to buy a second home. The thing you need to consider is that only your primary residence is eligible for a reverse mortgage. If your second home is your primary residence this strategy would not work. If you are thinking of using a reverse mortgage on your primary residence to reduce the ... (Read More)
Asked by someone from NC on 10/29/2014
Personal Financial Planning Department
Personal Financial Planning Department, CFP says
The benefits increase is paid the following December. In December 2014 you should get an increase for 2013 earnings. This information is found on page 9 of this brochure from the social security website at the following link: http://www.socialsecurity.gov/pubs/EN-05-10069.pdf This answer is provided as general information only and provided ... (Read More)
Asked by a 71 year old man from TX on 10/29/2014
Tricia Drago
Tricia Drago,  says
As you are probably aware, the state of Texas has some unique real property laws that protect the asset rights for spouses and their heirs, especially when there are children from a previous marriage. Now that the FHA is allowing borrowers with a spouse under 62 to acquire a reverse mortgage, it requires the eligible spouse to remove the younger ... (Read More)
Asked by a 78 year old man from FL on 10/22/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
There's not enough information ... I'd need to talk with you to determine if a Reverse Mortgage provides you with a viable solution. (Read More)

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