Reverse mortgage, what are the payback options and how is the money accessed and distributed?
The reverse mortgage will be for my mother who is unable to manager her funds. How can I protect her funds and administer her monies safely? Is it possible to put restrictions on where and how much money is used?- Payback option - pay it off at death or permanent move. If you can pay it back earlier, you do not need a reverse mortgage. You need to form a trust with the proceeds of the reverse mortgage. The trust can say virtually anything your mother wants to say about how to administer and what restrictions. A trust attorney can do this relatively easily
- You have three options to have money distributed on a reverse mortgage. The first is a lump sum. Second is monthly payments. Third is a combination. In terms of managing her funds, you would probably need to set up a power of attorney or guardianship. Be careful with a reverse mortgage. The money is not paid back until your mother moves out of her house or the house is sold. Reverse mortgages are expensive. On top of closing costs and points your lender may charge, there is also a 2 percent mortgage insurance premium rolled into the loan because this is a government backed mortgage. There is also an annual fee. The interest rates are high and are not fixed. When you run the numbers the reverse mortgage will use most of the equity in the house. You might want to look at refinancing and taking cash out. Putting the cash in the bank and making monthly payments can help to supplement income, will put your mother in a better financial position and give you more options in the future. I hope this helps
- You do not payback a reverse mortgage. The bank makes the monthly payment to you. Once it is paid off, the bank takes control and you move out. If she is unable to manage her funds, talk to a lawyer about having her declared incompetent I forget the exact term and you or an accountent would manage her money
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I hear they're Credit Cards which pay back a percent of what you spend. Name of Card company's?
a lot of credit cards offer this. it is called "cashback". discover offers it. it is redeemable through ultimate access rewards. or travel, gift cards, & cash. i have been using discover for years. they give up to 1 percent rebate. that's just a gimmick to get you to apply
Is there any way to get credit card companies to stop mailing me credit offers?
i am continuously getting these credit card offers in the mail. i am concerned both about the security risks of these as well as the trees they waste this way. what can you do to get them to stop sending them?. nope. you can not stop spam. nope. and in
How and where can a convicted felon get a small business loan with bad credit?
bad credit? you will get loans with a very very high interest. try your local banks first. when it comes to bad credit, these financial ins utes are taking a huge risk and. government grants are what you need to start looking into. they will give you a ton of money
Men - have a wild guess at the average number of items a woman has in her purse at a given time?
go ahead and count each item. - coins are separate, bills are separate; credit cards separate, insurance cards; 1 cell phone sometimes more than 1; why? ; key and key - ring are. as the vw is to 27 circus clowns, so is a woman's purse to an accumulation of
Would anyone else like to see a meteor hit that guy who sings the Free Credit Report dot com jingle?
if i head that jingle one more time i think my head will explode! i hate that commercial! all it does is make me worry! ack! who needs that?. god i hate that guy so fdlksjfjklsdjkf much thank you for sharing my pain. i will seriously drive my car over
Knowledge Base: Mortgages
Do you like letting your hair down and, acting a fool every once and a while?
like it? heck, i get paid to do it. when i am not lettin' my hair down little of it as there is, i am not paying the mortgage. yes! and my fiancee loves it when i let go and throw down a good one lol. sounds like a lot
What specific steps has President Obama taken that is a component of so m?
the mortgage bailout bill was all president obama. the usd 8, 000 refundable tax credit to first - time buyers is all president obama. "never let a crisis go to waste. do you know which are the premises of so m?. 1. - expropriation of means of production and private
Should Chris Dodd be recalled for his efforts in the mortgage and bailout fiasco ?
he comes by his indiscretions with money honestly, the acorn does not fall far from the tree. he should be asked by his party to step down, that's what a republican would be faced with. it will not happen with dodd, however, because no one else in his party has
AIG, . are you mad?
most people have a very limited understanding of what is happening with the mortgage mess. one should also not forget that mortgage brokers earn commission. i do not think you understand how diverse aig is. i was a shareholder and attended yearly meetings. they are in 130 countries. besides insurance
what company is the best home mortgage loan lender?
i am interested in refinancing my home and have a current loan with chase home mortgage. which home loan lender it most popular or best to use?. mortgage loan is a term used for the loans secured by a property. mortgage loans refer to a loan secured by residential property,
will politicians give back the campaign contributions they took from Fanny and Freddie and AIG ?
who were the watch dogs for the public, the appointed ones, the dodd's and franks. or obama's real birth certificate or chris dodd's mortgage papers. sure they will and the votes that the money bought for them. one would have better luck getting the le deed to hell from the
How does a homeowner go about taking advantage of the homeowner bailout?
it is simple. call you mortgage company and tell them to lower you rates. a friend owns centex homes they are national they are offering 8 thousand dollar discounts plus the 7500 dollar us credit to buy a home for first time buyers. we are also offering a 6000 dollar
Knowledge Base: Reverse Mortgage
What are the pros and cons of an elderly couple doing a reverse mortgage?
we are in our mid sixties. would it be advantageous to do a reverse mortgage?. if you know for sure you will not be moving, if you want to spend the rest of your life in this home, if you are not planning to leave this house to anybody -
What is a reverse mortgage and why does it sound like a rip off?
because it is not a loan that will ever be paid off, and the equity will soon be used up in these expensive days. i have 100, 000 or so equity in my house, and i'd rather sell it. i am quite convinced that it is a ripoff by people
What is a reverse mortgage?
basically, a company takes the equity you have in your home and begins to make payments to you on a monthly bases. there are many pros and cons to this although i am not sure of. hello, . a reverse mortgage is a loan that enables senior homeowners, age 62 and
Reverse mortgage?
i have found there is a ton of misunderstanding around reverse mortgages. 1. what do you think a reverse mortgage is? 2. how do you think it works? 3. why
CAn someone explain a reverse mortgage purchase when buying a home?
man, 69yrs old getting divorced, need to use a reverse mortgage to purchase, i need it explained to me, how it works. a reverse mortgage is not a purchase at all it is a refinance of his current home. there must be a lot of equity in the home in
Is there a reverse mortgage available for people less than 62 years old?
i am a us homeowner. instead of refinancing, i wanted to explore the possibility of a reverse mortgage. all i have seen so far is that this is only good
what is a reverse mortgage and how do people benefit from them?
what exactly is a reverse mortgage? why do not people have to pay it back?. a reverse mortgage is a loan that allows people ages 62 and up to get the money they need for any expenses they may have. unlike traditional mortgages, there are no monthly payments on a
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