MissyS (Florida)
Posts: 73
Posts: 73
Posted:
Does a reverse mortgage have any affect on a foreclosure? I have no clue about this type of mortgage.
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Reverse Mtg?
Started by MissyS • 10 replies • 1704 views
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JohnB26 (South Carolina)
Posts: 1,569
Posts: 1,569
Posted:
other than the fact the most likely has NO equity, none
JohnB26 (South Carolina)
Posts: 1,569
Posts: 1,569
Posted:
sorry, typo:
other than the fact the home most likely has NO equity, none
other than the fact the home most likely has NO equity, none
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Since the Reverse mortgage is based on the equity in the home.
I would expect a foreclosure on the property to stop the reverse mortgage payments.
I would expect a foreclosure on the property to stop the reverse mortgage payments.
NancyG3 (North Carolina)
Posts: 342
Posts: 342
Posted:
check this website: http://www.reversemortgageconsultant.com. Good information on reverse mortgages. Also AARP has good information regarding reverse mortgages.
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Nancy
Your link borders on spam as quoted from the site:
Tom MacDonald had been working with reverse mortgage clients and specializing in originating reverse mortgage for hundreds of pleased and satisfied clients for Wells Fargo and currently for MetLife for 10+ years. During that period, he also trained and managed other reverse mortgage originators. He frequently worked on pilot projects. Tom retired from Wells Fargo. Tom is still a Reverse Mortgage Specialist.
I believe it is a sight to sell versus advise on Reserve Mortgages.
Other opinions. Informational or spam?
Your link borders on spam as quoted from the site:
Tom MacDonald had been working with reverse mortgage clients and specializing in originating reverse mortgage for hundreds of pleased and satisfied clients for Wells Fargo and currently for MetLife for 10+ years. During that period, he also trained and managed other reverse mortgage originators. He frequently worked on pilot projects. Tom retired from Wells Fargo. Tom is still a Reverse Mortgage Specialist.
I believe it is a sight to sell versus advise on Reserve Mortgages.
Other opinions. Informational or spam?
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
OOPS
A site..not a sight.
A site..not a sight.
LarryB13 (Arizona)
Posts: 4,099
Posts: 4,099
Posted:
John,
Now being of the age to qualify for a reverse mortgage I set out some time ago to find out just how much our home could bring us each month.
It seems like a simple math problem; the main variables being the value of the equity and the prevailing interest rates.
I have yet to find a website that can provide an answer. There are many sites that claim to have a reverse mortgage calculator, but the first several pages of questions are to get your name, address, and telephone number and they all conclude with a promise that a representative will call. What numbers can a representative provide in person that cannot be provided online? I try to avoid buying a pig in a poke and the guy that tries to lure me in with the promise of a calculation but delivers only a promise to send a salesman will get no business from me.
At this point, my conclusion is that the lack of honest information equals scam.
Now being of the age to qualify for a reverse mortgage I set out some time ago to find out just how much our home could bring us each month.
It seems like a simple math problem; the main variables being the value of the equity and the prevailing interest rates.
I have yet to find a website that can provide an answer. There are many sites that claim to have a reverse mortgage calculator, but the first several pages of questions are to get your name, address, and telephone number and they all conclude with a promise that a representative will call. What numbers can a representative provide in person that cannot be provided online? I try to avoid buying a pig in a poke and the guy that tries to lure me in with the promise of a calculation but delivers only a promise to send a salesman will get no business from me.
At this point, my conclusion is that the lack of honest information equals scam.
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
Suze Orman covers the subject of reverse mortgages. It is not a scam but is not for everyone. The whole thing is quite complicated. There are tax ramifications that about cancel out any real benefit to them. It really does depend on each indivicuals income and equity in their home. Which now a days most homes have lost.
Former HOA President
NancyG3 (North Carolina)
Posts: 342
Posts: 342
Posted:
John - OOOPS -
I would like to say in no way do I know this person. I read his information about how a foreclosure on a reverse mortgage could occur. Thought it was a good explanation. I would not tell anyone to go to this person for a reverse mortgage.
I would like to say in no way do I know this person. I read his information about how a foreclosure on a reverse mortgage could occur. Thought it was a good explanation. I would not tell anyone to go to this person for a reverse mortgage.
DuaneR (Washington)
Posts: 35
Posts: 35
Posted:
The Heirs of the people who took out the Rev. Mtg have one year to pay-off or sell the property before the Mortgage Company CAN foreclose on the property that's the law.
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