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Answers (10)
- Adam Hertz, "Adam Hertz"
- Contributions:16
[content removed by Zillow because of self promotion. Please refer to our Good Neighbor Policy for details.]
- James Peters, "JamesRPetersSr"
- Contributions:98
Just a little information she could also draw out a little money to pay off the taxes and enough for a nest egg and then draw a monthly income on the property as well instead of taking one big lump sum. Whatever is in her best interests make sure you do that.
- Frank Reverse Mtgs
- Contributions:2
Keith & Kinsey,
Wayne is right with his statements. I would be happy to send you info as to how reverse mortgages work so you could become better informed. Do you know that they can be used for a purchase of a home? Please see my contact info in my Profile.
Most of the reverse mortgages I do have goals of debt relief, monthly cash for normal bills or cash for health care.
Last year I did one for a couple in their 90s that needed the funds for 24/7 health care. I worked with their kids who lived in CA, Maine and Newfoundland and as luck would have it we discovered that there was an error in their trust that would have been a major problem when both of the parents past away.
I did another one where I saved a 97 year old woman who was in foreclosure because her kids refied the house and took all the cash out and then never made a payment.
I funded one last week where the borrower, a very sophisticated investor, wanted to use the money for estate financial planning purposes.
The largest reverse mortgage that I know of took place in the Santa Barbara area for $22,000,000—that was in the days of the non-gov. ‘jumbo' reverse mortgage.
In Andy's aunts case she it sounds like she is house rich and short of monthly income. If she had the monthly income she would have paid her property taxes. What she probably wants to do is to pay her bills like she has all of her life and have the peace of mind that she will be able to live out her days in dignity in her own home. Not too much to ask for.
- Dan, "the_country_hick"
- Contributions:4699
Has she considered selling the house and renting (or buying) something that is better able to accommodate her? It sounds like she can not afford the taxes. I would sell and collect the money instead of getting a reverse mortgage. The big problem is future tax bills and future maintenance costs. She may be unable to afford those when she needs to.
- wayne lancaster, "funds2"
- Contributions:1177
Keith & Kinsey,
Reverse mortgages are not for everyone but let's not perpetrate myths. " if she goes downhill quickly, the bank will get a million dollar house for minimal cost" is not factual. If borrower dies the heirs own the property and have 12 months to sell or refinance. All of the equity belongs to them. Even if max. equity of $625K was drawn on a reverse mortgage, the bank would only own the property if heirs didn't pay taxes or pay off loan in 12 months. With $375K of equity the bank/lender has little chance of owning the property but with $999,990 of equity the chances are zero......
Reverse mortgages are not for everyone but let's not perpetrate myths. " if she goes downhill quickly, the bank will get a million dollar house for minimal cost" is not factual. If borrower dies the heirs own the property and have 12 months to sell or refinance. All of the equity belongs to them. Even if max. equity of $625K was drawn on a reverse mortgage, the bank would only own the property if heirs didn't pay taxes or pay off loan in 12 months. With $375K of equity the bank/lender has little chance of owning the property but with $999,990 of equity the chances are zero......
- Keith & Kinsey Schulz, "Keith And Kinsey"
- Contributions:76
I'm not a fan of reverse mortgages. Does she have an income? Could she just use a $10,000 home equity line of credit? Or could she sell the home and buy a more affordable place? The problem with a reverse mortgage is; if she goes downhill quickly, the bank will get a million dollar house for minimal cost.
- Frank Reverse Mtgs
- Contributions:2
Andy,
I funded a reverse mortgage last week on a home that had no mortgage and was worth over $1 mill. The max property value that can be used with the HECM program is $625,500 no matter how much the home is worth. Paying the past due taxes out of the proceeds would be a requirement of the loan. I would be happy to meet with you and your aunt at her home at a time and day that is best for the both of you.
My toll free number that goes directly to my cell [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy] I have been licensed by CA since 1988 and also lic. by the new federal group.
I only do reverse mortgages.
Frank
I funded a reverse mortgage last week on a home that had no mortgage and was worth over $1 mill. The max property value that can be used with the HECM program is $625,500 no matter how much the home is worth. Paying the past due taxes out of the proceeds would be a requirement of the loan. I would be happy to meet with you and your aunt at her home at a time and day that is best for the both of you.
My toll free number that goes directly to my cell [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy] I have been licensed by CA since 1988 and also lic. by the new federal group.
I only do reverse mortgages.
Frank
- CliffAuerswald
- Contributions:3
[hotlink and promotion removed by Zillow moderator]
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
I would be happy to help out for a reverse in CA, feel free to contact me through my profile. As long as she is of sound mind with capcity to contract, working over fax and email is no problem.
She will also have to get her HUD approved counseling done, this can also be done over phone if needed.
She will also have to get her HUD approved counseling done, this can also be done over phone if needed.
- wayne lancaster, "funds2"
- Contributions:1177
If you will Google - reverse mortgages burlingame ca - you will find several sources for reverse mortgages. There is also a Better Business web page for reviewing businesses. Your aunt would have several options (min. age is 62) depending on funds needed. You mention $10K but this may be a good time for her to get significantly more financial assistance/freedom with funds that would be available with little or no more cost, including a line of credit to assist her with future taxes and other expenses. A home equity loan would be less expensive but would require income qualifications that a reverse mortage would not......... good luck and don't jeopardize that large equity.
Reverse Mortgage
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