My husband died a month ago. He had a reverse mortgage with a balance now due of $140,000. The deed is in name of his revocable living trust, I am primary successor trustee, the house is valued at $180-190K. My question is since I would like to stay here and pay off the loan-what is my best option? We own a condo that is free and clear, worth about $200K but my son is living there for the co...
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My mom has approximately 60000.00 in credit card debt. She is 80 years old and has no mortgage on a 80-90 thousand dollar house. She has approx. 15 thousand in the bank. These credit cards are maxed out and are beginning to eat into her savings. Question? Should my mom get a reverse mortgage , which would be about 55 thousand, and pay off her credit cards
Hi, I sell reverse Mortgages. I also want to educate seniors as to the potential dangers of Reverse Mortgage scams. I'm feeling that to do both on a given presentation could hurt the Reverse Mortgage industry in that if the senior did not enroll he might spell out he dangers of a Reverse Mortgage at say a senior center scareing other seniors and hurting my future business. Any ideas rega...
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My Mother is 86 yrs old and receives SSI. Her home is paid for and is appraised for taxes at 54,000. She needs more cash flow to pay bills, have plumbing repairs made, keep her car running, etc. Should she consider a reverse mortgage?
I'm in the process of doing a reverse mortgage. What is the difference between the fixed rate and the annual adjusted rate and also how it will ultimately affect my situation/future with respect to doing a reverse mortgage? Please respond ASAP as I am already in the process.
Are all reverse mortgages calculated using the adjustable rate on interest? If so, why?
Our mother died, we inherited the house and 1 yr later, the $180,000 reverse mortgage is due, her house has not sold. Should we siblings refinance the house or take out a line of credit on our own homes to avoid foreclosure. Should everyone get an equal share if only person takes out the loan because, the other siblings have poor credit, no home or money.