|
Below, you'll find extensive information
on leading mortgage interest rates calculator articles and products to
help you on your way to success.
Reverse Mortgage Information - Who Qualifies For Reverse Mortgages
By Charles & Susan Truett
Reverse mortgages can be a great solution for seniors who wish to remain in their home but are having difficulty making their monthly payments and meeting other financial obligations. If you are over age 62 and own your own home, the bank will actually pay you money so you can stay in your home, rather than the other way around. It is important to collect as much reverse information as possible before deciding whether to take out the loan.
Anyone is eligible for a reverse loan, even if they have no income. Your home must be a single family residence in a one to four unit dwelling, a condominium or some type of manufactured home. Cooperatives and most mobile homes are not eligible. The home must be at least one year old and you have to first meet with an authorized counselor.
You can obtain the loan as a lump sum payment, a fixed monthly amount or as a line of credit that you use whenever you need it. The money can be used for just about any purpose. This can include paying property taxes or medical bills, home repairs and improvements, paying off credit cards or just daily living expenses. The amount of money you receive depends upon your age, the amount of equity in the home, its appraised value and current interest rates. The reverse loan does not have to be repaid until you sell the home, permanently move out, or pass away. Your loan could also
buying a mobile home on a rented lot
Am in the process of divorcing my present husband and found this mobile home to live in. What would be a good way to finance it?
Who owns the home
My friends son passed away several years ago, his mother lived with him prior to his death and has paid the mortgage, property taxes, insurance, etc... on the property for almost 10 years. She is wanting to get the property in her name and Bank of America will not talk to her. Her son has a child who is almost 10 yrs old who lives with his biological mother. My friend says that she will do a will and live the property to her grand son, however can the 10 yr old son's mother take the home afte...
Inquiries to dissappear completely?
I have 5 inquiries that are due this month from different credit bureaus. Basically I will be inquiring free on Experian and about 3 inq on TU and EQFX. They will be 1 year old......according to USAA credit monitoring. Is this the right time or I will need to wait 1 more year for the inquiries to dissappear completely? Thanks for the answer
Letter of explanation
Please help. My underwriter wants a letter of explanation on a couple of late car payments from 2 years ago. The car loan was in my name but the car was my sisters? should I say that? Will they think I?m full of it? Anybody have similar experience?
File with underwriter
Well, my file went to the underwriter on Monday after we worked with our broker to get everything together. Now, they are playing the waiting game. I know that someone has looked at the file only because they did come back on yesterday asking for us to sign 2 forms that were not included in the file. I have followed up with our broker today to check status and he is placing a call with the lender. Fingers crossed we can get our answer soon.
Divorce
My husband and I own commercial real estate. We are contemplating divorce and have been legally seperated for 2 years now. The joint property we own, he operates a shoe repair and uphostery shop and he resides there. He has full use of the property and he wants me to share in with the mortgage, insurance, and taxes. He receives all profits and does not share any with me, but he wants me to share in the cost of his expense. He gives me $300 a month for our 6 yrs old daughter and not on a regular ...
Banks selling mortgages - Escow mess ups & raised Mort Incre
My Husband and I just went through a mortgage modification loan with a bank. We were andquot;forcedandquot; to not pay our mortgage for 2 months in order to qualify for the modification loan. We have always made our mortgage payments on time. We got the Mod. loan.
Since the sale of our mortgage, 2nd time banks have sold our mortgage to another bank, our escrow gets screwed up, monthly payment goes up.
Currently the andquot;NEWandquot; bank now holding our loan, is harassing us by saying that the e...
Feedback on GFE
Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.
Rate = 3.875
801 = 7k
802 = 11k
Is this standard? With the 801 fee the APR is slightly north of 4.
Previous year tax returns
How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan?
Close cards before pre-approval
Hi? I?m trying to get pre-approved for my first mortgage loan within a few months. My present score is 786. I paid off a vehicle loan with time payments. I have 6 credit cards 3 are department store cards with a combined limit of around 8k with no balance the other 4 are regular visa cc's with a limit of 9k combined no balance or late payments. I want to close 3 of the visa cards bringing my limit back to 5k. The one I am keeping I just opened about 2 weeks ago. My question is if I close the...
become due if you allow the property to deteriorate, you fail to pay property taxes or hazard insurance, or if the last surviving borrower does not occupy the home for 12 months in a row due to illness.
There are some fees involved with a reverse loan, similar to those you would incur with a regular mortgage. These include origination fees which cover the lenders operating expenses and are currently capped at the greater of $2,000 or 2% of the maximum FHA loan limit. In addition you will be required to take out insurance and pay an appraisal fee which ranges between $300 - $400. Other closing costs include fees for a credit report (usually under $20), flood certification, closing and title search, document preparation, recording, courier, pest inspection and a land survey. In addition, a monthly service set-aside fee of $30-35 per month will be charged.
When you meet with your counselor, you should be able to obtain all the reverse information you require before you make your final decision. It will be nice to have the option of staying in your own home if that is what you desire.
About the Author
For more information please visit our website dedicated to seniors about the pros and cons of a Reverse Mortgage. You can read more on our Reverse Information Website.
|
