05 February 2016
Reverse Mortgage? | Yahoo Answers
Published 05 February 2016
You might want to get your wholesalers book out and read the chapter on reverse mortgages.
The mortgage lender will not play let's make a deal with you, or anyone else.
If one of the heirs want to keep the house, this person would have to pay the current reverse mortgage off. An appraisal would not be used as as guide to how much the mortgage lender would accept. The balance of the mortgage loan is the basis for the pay off.
If the balance is not paid off in the time required by reverse mortgage texas the mortgage loan docs signed by the borrowers, at the time the mortgage was made, the mortgage lender will foreclose on the property, based on the foreclosure laws of the state in which the house is located be they non-judicial or judicial.
In a reverse mortgage there is not a short sale requested and would be approved by mortgage lender.
The only way the reverse mortgage lender would approve a sale of the property is if they are paid in full based on the mortgage balance. When figuring out how much of a mortgage payment you can afford each month, will not fail to factor in all the additional fees of possessing a home. You will find homeowner's insurance to take into consideration, in addition to neighborhood association fees. In case you have previously rented, you can also be a new comer to covering landscaping and yard care, in addition to maintenance costs.
If you are a retired person during this process of obtaining a home financing, get yourself a 30 year fixed loan if possible. Even though your own home may never be paid off with your lifetime, your payments is going to be lower. Since you will certainly be living on a fixed income, it is essential that your instalments stay as low as possible and you should not change.The reverse mortgage lender would place a demand with the closing agent for the mortgage loan balance. If there are insufficient funds to pay the mortgage loan balance as in the demand, the mortgage lender will withdraw their demand.
I hope this has been of some benefit to you, goo