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
***zz-portrait-left.shtml*** 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.