Retirement Answers from Retirement Experts!

Search:

Browse Topics (View all.):






Recent Retirement Answers

Asked by someone from OR on 12/16/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
You'd be able to convert approximately 60% of the value of your home into benefit. After paying off your exist mortgage and credit line, and assuming the value has remained the same, you'd have a shortfall of approximately $25,304.00. That means you'd need to contribute that amount to enable the Reverse Mortgage to work. (Read More)
Asked by a 55 year old man from CA on 12/20/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
No, there aren't any. (Read More)
Asked by someone from FL on 12/19/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
There's one non-FHA program available, and I offer it, but it uses most of the same guidelines as the FHA program. A major exception is for condo associations that aren't FHA-approved, but the minimum value must be $500,000.00. Also, the program isn't offered in many States. Right now the FHA program makes approximately 99.9% of Reverse ... (Read More)
Asked by someone from MD on 12/18/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Contact the Servicer and tell them you want to keep the house, and ask how much is owed. Your Grandmother received a monthly statement from the Servicer, which would provide you with an estimate of the amount owed. You'd refinance the amount owed with a traditional mortgage, and "yes", the Lender will want an appraisal done when it's refinance. ... (Read More)
Asked by someone from OK on 12/18/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
When you're 62, if there's enough equity in your property, you can refinance the existing Reverse Mortgage with a new one, adding you to Title. (Read More)
Asked by someone from WI on 12/16/2014
Henry Hebeler
Henry Hebeler,  says
You would not have to pay estate taxes--those come out of the estate before you get the money. If WI has an inheritance tax, and your aunt had a large estate, you might get taxed by the state. Otherwise, the only tax that you may have is tax on the interest and dividends each year once the securities are registered in your name. (Read More)

See all recent questions...