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Message
Reverse Mortgage
Posted on 9/19/15 at 11:33 am
Posted on 9/19/15 at 11:33 am
So I have a mentor with no family that wrote me in his will to receive his house and everything in the house. He had some medical issues and decided to take out a reverse mortgage from AGG. I don't know how much he is taking, but he said his house was appraised for 80k. I believe the house is run down and with a little renovation, could be worth 20-30k more.
Is the house pretty much lost to me unless I can pay the mortgage plus interest up front? Could I take a mortgage out on this from a credible bank? He said if it is too much hassle, he can take the house out of the will and leave all of his contents to me. Any helpful information would be greatly appreciated.
Is the house pretty much lost to me unless I can pay the mortgage plus interest up front? Could I take a mortgage out on this from a credible bank? He said if it is too much hassle, he can take the house out of the will and leave all of his contents to me. Any helpful information would be greatly appreciated.
3
Posted on 9/19/15 at 11:37 am to thewarmth
LINK
quote:
If your heirs don’t want to, or cannot afford to, pay off the loan they will need to sell the home in order to repay the loan. If your home is worth more than the loan balance, then they’ll get to keep the difference. If your home is worth less than the loan balance, your heirs won’t owe any additional money beyond what the home is worth.
On the other hand, if your heirs want to keep the home, they’ll need to pay off the loan immediately. If your heirs cannot afford to pay off the loan in cash, they may be able to pay off the loan by taking out a new mortgage just as if they were buying a new home. However, they’ll need to meet all the requirements of a regular mortgage, such as stable income, a credit check, and possibly a down payment.
Posted on 9/19/15 at 11:56 am to slackster
Thanks, that's the clearest website I've seen.
Posted on 9/19/15 at 1:13 pm to thewarmth
Be happy with the contents of the house.
Not trying to sound like an arse, but hopefully you're putting away more than your mentor for retirement. Although he could just be spending down his assets so he can get Medicaid.
Not trying to sound like an arse, but hopefully you're putting away more than your mentor for retirement. Although he could just be spending down his assets so he can get Medicaid.
Posted on 9/19/15 at 1:36 pm to Ric Flair
The sad thing is, he has a state retirement and at one point a nice chunk of change from his deceased wife. A new car, growing gun collection, and unawareness of finances led to it. He doesn't owe me a thing but I am just trying to figure out what to expect, as I live on the opposite end of the state from him.
Posted on 9/20/15 at 5:39 am to thewarmth
quote:
growing gun collection
If someone left this to me I'd be like
Honestly if I had zero family I wouldn't give a shite either and be living it up
This post was edited on 9/20/15 at 6:12 am
Posted on 9/20/15 at 8:57 am to jmh5724
Depending on what he's got in his collection, the firearms *could* be worth more than the net value of the house. Offer me antique firearms or gold, and depending on what's what, I'll probably take the guns.
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