Reverse Home Mortgage
by Too Young For Reverse Home Mortgage
Regarding Reverse Home Mortgage: Hi Kate, My husband got a reverse home mortgage two and a half years ago. He was 62 and I was 50. He passed away in 2008. I am still living in our home until I either sell or try to buy it. My question is can I just take out a home equity loan, pay off the $110,000 reverse mortgage? I only make $30,000 and with these times I doubt if I can get a mortgage.
Regarding a Reverse Home Mortgage
Dear Too Young For Reverse Home Mortgage
, First of all, I extend my sympathies to you for the loss of your husband.
Two questions come to mind as I read your letter:
1- Will you inherit the house? (Estate question)
2- Do your state laws, such as community property laws, have any bearing on ownership rights? (Title question)
If your laws determine you have ownership in the house, a refinance
of the reverse home mortgage
might be appropriate.
If you are not an owner, have you considered a mortgage pre approval
to determine how much you can borrow?
If I were in your shoes, I would also want to know if the mortgage company servicing the reverse home mortgage would help me refinance the $115,000 into an affordable fixed rate mortgage
As far as qualifying for a mortgage, here is something to consider. No matter what the market, you are the potential homeowner. And in that light, here's how to qualify a lender
After all, it is your
mortgage! Who will ever care about it more than you?
I hope you'll come back to my website again in the future. Of course, all of my information is free. So remember to save Get-Your-Best-Mortgage-Rate.com
in your favorites and visit often for mortgage news and up-to-date tips on refinancing.
Reverse Mortgage Help for Senior Citizens
What Is a Reverse Mortgage? Specialty mortgages created to produce income without a monthly payment.
Will heirs become responsible for homes financed with a Reverse Home Mortgage?
Learn who can help homeowners evaluate Reverse Mortgage Income for Seniors before refinancing.
Meet the stable FHA Reverse Mortgage Refinance Program (HECM) and learn the payment options.
Introducing the FHA Reverse Mortgage Purchase Program (HECM) for Senior home buyers.
Seniors and family members Ask Kate for Reverse Mortgage Information.
Important: Senior homeowners should consult a financial planner, tax accountant, and/or attorney as applicable to evaluate their circumstances before financing with a reverse mortgage. Even if not a loan requirement, reverse mortgage counseling is highly recommended.