Reverse mortgages?
I will be without a job in 30 days. I will be 65 in May, but can not collect full Soc. sec. until 65 and 10 months. I am thinking about a reverse mortgage and would like a couple questions answered if you have done this or are a broker. I know the house is paid off with equity and the balance is available. So here's where I need help. 1. I would like to see the house paid off, but may not need funds immediately. Do I need to set up a payment schedule immediately after applying for the reverse mortgage?. 2. Can that schedule be changed later if I need more - or even less? 3. Is there any kind of repayment involved and what type of interest is generally applied? Can I repay, even if it's not necessary? 4. Is this income taxable? 5. I ume both tenants in common need to sign for this. Can I sign as POA for my husband who cannot write due to a stroke. He's 83 Thanks in advance for any help!- I am in the mortgage industry and never recommed these types of mortgages. It's exactly what it say a reverse mortgage - - as if you were the bank and the bank is the borrower. I do not want to mislead you, I do not know much more about them. I believe that once you p away or at least at some point, the bank will own your house. so if you are planning on leaving it to kids or something you will not be able to. You really should talk to an accountant or attorney that will look out for your best interest, he can advise you. Be careful with Brokers because they can mislead you, we're not all like that but there are some * &^*&^ that will only look out for there best interest - - which is doing a mortgage for you and not telling you all the details and when you find them out its too late. They only care about putting money in their pockets from refinancing you. Here's a website to get further information. ftc. gov / bcp / conline / pubs / homes / rms.htm
- hope this helps seniorlendingnetwork.com / html / index. cfm?CFID=271027&CFTOKEN=81986998
- 1. Yes, absolutely. You may take the money as a credit line. 2. Schedule can be changed - need not even establish a schedule, can take as needed. 3. Repay at death or permanent move. 4. Almost always not taxed - see accountant or lawyer though. 5. Yes, both owners and if you have poa, it's just as if your husband is doing it himself. All the best to you and your husband!
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Reverse mortgages?
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Knowledge Base: Reverse Mortgages
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