5 votes
Accepted

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

This page says that heirs have six months to clear the debt one way or the other. Heirs get an initial six months to deal with the loan payoff. And it's to their advantage to move as quickly as ...
Peter K.'s user avatar
  • 3,943
3 votes
Accepted

How do private reverse mortgages work?

How does the loan work logistically? Here's how a reverse mortgage works (from the homeowner's point of view), which could be the same for a "private" one: You sign over the right to the equity in ...
D Stanley's user avatar
  • 135k
3 votes

How long can you collect reverse mortgage payments?

Reverse mortgage are generally recovered along with interest, from the sale proceed of the house after the person dies. The current age and life expectancy also go in determining the amount of ...
Dheer's user avatar
  • 57.1k
2 votes

How does the lender benefit from offering a Reverse Mortgage?

If you did a calculation of the appreciation of your home value from the date of a reverse mortgage to 20 years in the future you might find that the opportunity for banks to make a bundle is evident. ...
Joe's user avatar
  • 21
2 votes

How does the lender benefit from offering a Reverse Mortgage?

In the United States, most reverse mortgages: Have much higher interest rates than regular mortgages. Are variable rate loans, so the lender has little interest rate risk. Have lower loan-to-value ...
Jasper's user avatar
  • 3,497
2 votes

alternative to reverse/Balloon mortgage

I will try to answer my own question. I think it should be possible to have such kind of product as Bank/Mortgage company can still make money and the home owner can live in home. Below are my ...
Neil's user avatar
  • 1,065
2 votes

alternative to reverse/Balloon mortgage

A Home Equity Conversion Mortgage is close to (if not exactly) what you're looking for. Essentially, you "borrow" against the equity of the house, and use those proceeds to pay off the existing ...
D Stanley's user avatar
  • 135k
2 votes

alternative to reverse/Balloon mortgage

For this particular case, a Reverse Mortgage actually fits the requirements exactly. In a reverse mortgage, there is no recurring payment or bill that is due. The debt is secured against the property, ...
Shorlan's user avatar
  • 532
2 votes

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

I am not in your jurisdiction (Canada rather than PA, US), but I have experience in risk management. With all due respect and best wishes for you as an individual to get ahead, I helped financial ...
Houska's user avatar
  • 191
1 vote

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

Most people use the new house as collateral for the new loan, they don't get a mortgage on the first house for the down payment on the second house, plus get a loan for the second home. You will have ...
mhoran_psprep's user avatar
1 vote

How long can you collect reverse mortgage payments?

@fredsbend, Hope this helps! "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 ...
FinanceGeek's user avatar
1 vote

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

You can get loan against property. Generally you need to establish cash flow to show that you will be able to pay this back. Being a pensioner the Bank needs to be convinced that you will be able to ...
Dheer's user avatar
  • 57.1k

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