Close

See current mortgage rates on Zillow Mortgage Marketplace

I'm unemployed, inherited my family home which is under a FHA HECM REVERSE MORTGAGE. HOW DO I KEEP

Profile picture for goodneighbor1237
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

September 07 2009 - US
 Share
 RSS
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for shapiroamg
The house has a FHA Reverse on it. You would need a new mortgage to pay off the reverse. What is the reverse balance relative to the property value? Being that you are unemployed, you will have issues getting a new mortgage. Good news is that if you sell the property to pay off the reverse mortgage, you can keep the equity. If the house is under water, HUD will pay the difference from the mortgage insurance program.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

1Yes

September 08 2009
Profile picture for LUXURY HOME LOANS CA
Look under "What's The Most You Can Owe" and "How Do You Pay For It" http://www.reverse.org/faqs.htm#WhatsaRM .... Best wishes, Rudi
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

September 08 2009
once your name is on the title ask the lender to add it to the loan. streamline refinance to another fha if the proprty doesn't appraise. if it does appraise and you have the income to support a loan. just do a straight refinance to a conventional loan. give a call once the house is out of probate.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

September 07 2009
Profile picture for Ericmabrams
Have the terms of the mortgage?  If not, see if you can obtain them.  Read through them, and see what they say. 



Did you inherit any cash, or only the property?  A mortgage broker or the lender are the ones who can assist you best. 



 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.

0Yes

September 07 2009
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion
Related Questions
Profile picture for Bond Street Mortgage
QuestionHow much should I expect to pay in closing costs on an FHA Streamline Refinance
  • Latest answer by Bond Street Mortgage
  • 47 minutes ago
Profile picture for Nelson Gay
QuestionI need a FHA loan ASAP for $125,000, down payment$4,500, credit score 645,make $25,000yr,emailme thx
  • Latest answer by Nelson Gay
  • 8 hours ago
Profile picture for Tom Molinari
QuestionWho can recommend the best company for FHA loans in Ventura County, California?
  • Latest answer by Tom Molinari
  • 11 hours ago
Profile picture for Scott Berglund
QuestionBuy now, while in a BK13 or wait until discharge?
  • Latest answer by Scott Berglund
  • 1 day ago
Profile picture for Willie Smith
QuestionQuestion on FHA loan limits..does the limit include what I put down or just what I can borrow?
  • Latest answer by Willie Smith
  • 1 day ago
Compare Mortgage Rates

See all rates

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy