Question by Smartass: How does a lender benefit from reverse mortgage?
Looks like, what I read tells me, the lender pays the homeowner roughly up to 65% of the home’s value, or up to $ 625,000
What is the benefit for the lender to put up such cash? Do they collect the house when the borrower dies? Or at any point? What must a borrow “violate” or “do wrong” for the lender to “win” (in comparison to traditional mortgages, where a person stops making payments and the lender collects his house).
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I live in a 4 br house with roommates. One recently got married and moved out, so I decided I would rent his room and use it for my home office. I work remotely as a loan officer for a reverse mortgage company based in So Cal. My landlord now says it’s not legal for me to use the room or any part of the house for my work purposes. I use my home office for phone calls and administrative purposes. I meet with clients in their homes, not mine. He says there are insurance/zoning laws which prohibit me from doing this. I don’t believe this is true. Everyone has a home office these days, including my landlord, who lives about 20 miles away. Any qualitified advice and/or resources would be greatly appreciated so I can give him an educated response. Thank you.
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Reverse mortgages are becoming tremendously popular with seniors ever since the U.S. Department of Housing and Urban Development (HUD) has made similar a mortgage.
The Most of older Americans know about Reverse mortgages. However, mis-conceptions about Reverse mortgages go on to grow because of lack of correct information . Thousands of senior citizens hold simply one asset, their home, but they may be short of money and struggling to hold their home. The Reverse Home Mortgage permits elderly people to supplement social security, encounter sudden medical expenses, make home improvements, and more.
A reverse mortgage permits the landowner to change a part of the home equity into cash. In contrast to a usual home equity loan (HELOC) or second mortgage, refund is not desired until the borrower no longer is using the home as a principal home.
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My parents have a reverse mortgage and they need to be in assisted living. The house is not worth much more than the mortgage because they have lived longer than they thought they would! (87) Can they leave the house to go into asst living and simply let the mort co have the house? What would happen? Also, the taxes and insurance have increased to the point that they can no longer pay them.
I have some debts from helping my kids go to college and another opening a restaurant, and don’t have the good credit anymore to get an additional equity credit loan.
