Question by Tynnetta Medley: My deceased father has a reverse mortgage – the amount owed is less than the value of the property?
I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what’s owed on the reverse mortgage? I’m 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house. So my question is do I need to take out a loan for value of house so heir can get their 3rd?
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If we put our property in a trust, (my wife is not yet 62) can we do a reverse mortgage and if so, does she have to sell the house when I die?
we went into a reverse mortgage program,and our finances have gotten worse,need to know if we can file bankruptcy and still keep our property, please help.
If you have a San Diego property, and are sixty two years of age or older, you may be a good candidate for a reverse mortgage. A reverse mortgage is different from a traditional mortgage loan in that it does not need to be repaid as long as you live in the home. With a reverse mortgage, you can use the value, or equity, or your home as a way to get cash, through several dispersal methods. These include receiving the cash all at once, in a single lump sum payment, in regular monthly installments, as a credit line and as a combination of these methods.
Qualifying for a reverse mortgage in San Diego does not require the borrower to meet a set monthly income minimum, as is the case with more traditional types of home loans. This is because again, no monthly repayments are required as long as you live in the home. Homes eligible include single family dwellings or two to four unit properties that are owned and occupied by the borrower. In addition, townhouses, detached homes, and n some cases, manufactured homes are also eligible, and it is possible for individual condominiums to qualify under this type of loan as well.
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I would like a reverse mortgage, but recently the city rezoned our property to commercIaL, It has been our home for over 35 yrs and never been used commercIally, How can I get the mortgage! Thanks, Richard
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.
Reverse mortgages are good those retirees who have a great deal of equity in their Real Estate but they need an influx of cash to support their lifestyle. So what actually is a reverse mortgage?
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This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on January 17, 2000. The length of the article is 668 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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Dignity and pride cannot be taught to a person, he carries it within himself. A proud man is one who supports himself and his family till the very end without compromising on his values or looking for support from others. A property owned by an individual can provide just the right support to such a proud man, especially after retirement. California reverse mortgage is one such form of loan wherein the house owner, who has reached his retirement and is sixty years of age or more, can live with dignity until the end of his life. His property will act the ultimate security that provides him with a roof over his head until his death as well as the financial support that he may require to run his family successfully.
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