Reverse Home Mortgage

by Too Young For Reverse Home Mortgage
(USA)

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 bookmark Get-Your-Best-Mortgage-Rate.com to your favorites and visit often for up to date tips for buying a house, mortgage news and refinancing advice.

You can also invite friends to comment on this page or create a page of their own like you did.

Best Wishes,

Finding The HELP You Need For Reverse Mortgages

What Is A Reverse Mortgage? Simply put, these specialty mortgages are equity loans created to produce income for homeowners without a monthly payment.

Dare to dream and take advantage of Reverse Home Mortgage income to lead a fuller life.

Disadvantages Of Reverse Mortgages can be overcome with professional evaluation. First of all, are you over the age of 62?

Not to be confused with home equity loans, Reverse Equity Mortgages require no repayment until the house is sold or the homeowner no longer lives in the house.

Lifetimes are spent creating homes. It's not surprising how popular the FHA Reverse Mortgage is among Seniors.

Ask Kate For Solutions - Ask a question to get an answer from Kate.

Reverse Mortgage Q and A - Questions regarding income for seniors minus the monthly payment, each with a individual answer from Kate.

Return from Reverse Home Mortgage to Get Your Best Mortgage Rate

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