Reverse Mortgage Question - Ask Rich / Money 101

Shaky · 01-08-2009, 11:28 PM

Does anyone have any information about this type of loan?

I have some knowledge about it but I really need to hear from others too, maybe someone out there knows something I don't.

This is for my PIL. FIL is 86 and still works to pay mortgage. They don't have much left on the loan and have a lot of equity on it but he really needs to stop working ASAP.

As far as I know they pay him monthly from the equity he has on the home till the last one from FIL or MIL live in the house. Then the estates (heirs) repay the cash they received during that time plus interest and fees and then heirs will receive any equity if left.

Anything else I should know about it?

ETA... I always thought they were a bad idea cause after you've been paying your loan for so long you house might not even end up being yours but in situations like this where my in laws are way older I'm not sure if it would be a better idea

~~Bex~~ · 01-08-2009, 11:30 PM

Oh you're talking about a reverse mortgage. An FHA loan is just another type backing for a loan like a VA.

Shaky · 01-08-2009, 11:41 PM

Yes, Didn't put that on my Title of course

They were not that popular on my years of working at the bank.

Trey · 01-08-2009, 11:44 PM

I fixed the title to Reverse Mortgage, is that okay Shakers? Or do you want something else?

Shaky · 01-08-2009, 11:51 PM

Originally Posted by Rileysmom

I fixed the title to Reverse Mortgage, is that okay Shakers? Or do you want something else?

Well, right now I want Chinese food but reverse mortgage on my title is perfect too

Thanks

Trey · 01-09-2009, 12:06 AM

Originally Posted by Shaky

Well, right now I want Chinese food but reverse mortgage on my title is perfect too

Thanks

If we lived within the same city I would do it in a heartbeat!

princessbunny197 · 01-09-2009, 01:15 AM

I actually know a lot about reverse mortgages. My office specializes in them. PM me and I'd be happy to answer any questions you have. They are pretty simple to do, pretty quick to close and they are not like they used to be. They don't take the house, it is left to the heirs.

01-08-2009, 11:28 PM	#1 (permalink)
Shaky Miss Puerto Rico Join Date: Mar 2004 Location: FL Posts: 27,985 Classifieds: (0) Activity: 78% Longevity: 97%	Reverse Mortgage Question Does anyone have any information about this type of loan? I have some knowledge about it but I really need to hear from others too, maybe someone out there knows something I don't. This is for my PIL. FIL is 86 and still works to pay mortgage. They don't have much left on the loan and have a lot of equity on it but he really needs to stop working ASAP. As far as I know they pay him monthly from the equity he has on the home till the last one from FIL or MIL live in the house. Then the estates (heirs) repay the cash they received during that time plus interest and fees and then heirs will receive any equity if left. Anything else I should know about it? ETA... I always thought they were a bad idea cause after you've been paying your loan for so long you house might not even end up being yours but in situations like this where my in laws are way older I'm not sure if it would be a better idea Last edited by Shaky; 01-08-2009 at 11:57 PM.

01-08-2009, 11:44 PM	#4 (permalink)
Trey Jamie's favorite. Be jealous. Join Date: Sep 2005 Location: Where the surf meets the sand... Posts: 23,298 Classifieds: (3) Activity: 70% Longevity: 71%	I fixed the title to Reverse Mortgage, is that okay Shakers? Or do you want something else? __________________

01-09-2009, 01:15 AM	#7 (permalink)
princessbunny197 Hi, I'm Amy :) Join Date: Aug 2008 Location: Connecticut Posts: 2,873 Classifieds: (0) Activity: 0% Longevity: 21%	I actually know a lot about reverse mortgages. My office specializes in them. PM me and I'd be happy to answer any questions you have. They are pretty simple to do, pretty quick to close and they are not like they used to be. They don't take the house, it is left to the heirs. __________________ Wifey to r-a<3derek and USNavywifey21 and Firefly'sGirl and HisHeart and elizabethb883 and Lover to KaTuP

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01-08-2009, 11:30 PM	#2 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	Oh you're talking about a reverse mortgage. An FHA loan is just another type backing for a loan like a VA.

01-08-2009, 11:41 PM	#3 (permalink)
Shaky Miss Puerto Rico Join Date: Mar 2004 Location: FL Posts: 27,985 Classifieds: (0) Activity: 78% Longevity: 97%	Yes, Didn't put that on my Title of course They were not that popular on my years of working at the bank.