Questions tagged [reverse-mortgages]

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5 votes
1 answer

How does a reverse mortgage affect the owner's children, after death?

My Dad just passed away recently with a reverse mortgage. I understand how the reverse loans works, by basically putting the house up as collateral, and receiving an amount based on the home's equity (...
1 vote
2 answers

Getting a HELOC to buy an investment property with bad credit but fully paid off house

I've been doing a lot of research but can't seem to find a definitive solution to my somewhat unique situation. My wife and I own an investment property in PA (currently used as a short term rental / ...
12 votes
6 answers

How does the lender benefit from offering a Reverse Mortgage?

It is always a good idea before entering into any financial arrangement to understand what benefit the person on the other side of the deal is getting to fully understand whether the deal is equitable ...
0 votes
0 answers

Looking for a financial product that work like reverse mortgage?

I am looking for a financial product like reverse mortgage that guarantees a monthly return and takes over the principal when I die but without the fees and the overhead of a reverse mortgage. Let's ...
3 votes
3 answers

alternative to reverse/Balloon mortgage

Hypothetically, suppose a person who is close to retirement, who has comfortable savings that will last his/her lifetime( if need not to pay monthly mortgage) and is close to retirement and has 2 or 3 ...
1 vote
0 answers

Home Equity Conversion Mortgage (Reverse Mortgage) Available Line of Credit - pros and cons to drawing from it

An elderly relative currently has a Reverse Mortgage (HECM), received no lump sum in the beginning, and receives a modest fixed amount of cash every month. I have reviewed the statement and it is a ...
5 votes
1 answer

How much money could we get with a reverse mortgage?

My wife (67) and I (72) are retired with an income of $70k/year and a savings of $30k. We have a loan of $300k with a mortgage payment of $1,786/month on a single family home valued at $600k. We spend ...
1 vote
1 answer

How do private reverse mortgages work?

In the next few years, my elderly mother will likely need access to the equity in her house in order to continue to keep up with expenses and property taxes. She owns her house outright. A reverse ...
4 votes
2 answers

How long can you collect reverse mortgage payments?

I understand that a reverse mortgage can be paid out in two ways: A lump sum and monthly payments. I figure that if you take the lump sum, eventually, the bank wants you to start paying it back. I ...
1 vote
1 answer

Can I get a loan on my home by mortgage I am a pensioner and son is in states

I am looking at a loan of Rs 15 lakhs on my home. I own a property in Kalyan. I am a pensioner. My son will repay he is in United States
20 votes
2 answers

What is a reverse mortgage?

What is a reverse mortgage? I hear these advertise often but don't understand how they are different from a regular mortgage! Can somebody explain please what they are and when they would be useful? ...