A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage. A federal appeals court has ruled that an insurance company may foreclose on a reverse mortgage after the death of the borrower, Mr. Jones, even though Mr. Jones’ widow is still living in the house.
While reverse mortgages may look like no-lose propositions on the surface, they also have some significant downsides. First, the closing costs for these loans are about double those for conventional mortgages. For example, closing costs on a $110,000 reverse mortgage for a $200,000 home would be more than $10,000.
A spouse might not be named on the mortgage for a number of reasons: one spouse may have taken out the reverse mortgage before the marriage, or one spouse may be under age 62 and ineligible, or, more likely, lenders often encourage the younger spouse not to be named as a borrower because then the loan amount can be bigger.
About 10% of reverse mortgage borrowers. Million-dollar housing markets One big issue the new rules don’t address, however, is that many couples take out reverse mortgages in the name of the older.
It can become complicated when one borrower meets this age requirement, but his or her spouse is under the age of 62. If the home is owned solely by the older spouse he or she may technically be able to take out a reverse mortgage in his or her name only.
If I add her to my checking account and/or add her name to. Is a reverse mortgage a good way to do that? Also, which company should I approach for this? I’m a widow with no children. -Jitka You.
local foreclosure prevention (FP) Pro Dennis J. rath launches myfppro. Local Foreclosure Prevention (FP) Pro Dennis J. Rath Launches myfppro. March 26, 2012 – PRLog- Affordable Homeownership Foundation, a 501c3 nonprofit organization incorporated in October of 2000, was founded with the mission to help families and individuals by providing counseling and.
One day he says we are going for demonstrations, the next day he says we must pray for the nation. It is called confusion. An.
· Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage – Be Careful About Putting Only One Spouse’s Name on a Reverse Mortgage A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse’s name on a reverse mortgage.
Previously, full repayment of reverse mortgage loans fell due upon. would remove their spouse from the home’s title before taking out a reverse mortgage loan in order to maximize their loan amount.
The Mortgage Process: Setting Expectations – North Florida Mortgage 10 Good Reasons Why You Should Not Move To Florida suspended broward sheriff scott israel arrives to the florida senate hearing. "shall go in" to "may go in." "When you review the statements of the deputies who went in, (they) gave very specific.How to Boost Credit Score 65 Points in 5 Minutes for Free Use this mortgage calculator to calculate your monthly mortgage payments quickly and easily. enter information into each field and within seconds, you will have an estimate of your monthly house payment. * Please Note: This calculator is intended solely for general information and educational purposes. It is not intended in any way as financial or legal advice.