Greetings, I'm 62, got injured on job 3 years ago. I have a mortgage balance of 175,000, and equity of 60,000. emergency savings was used up. Can I get any equity if on social security. Thanks
I'm 51 and my house has been paid off for about 10 years. If I reach the age of 62, can I do a reverse mortgage to pull the equity out to live on, along with my ss and pension? I'm not planning on willing it off.
I am currently licensed in FL and GA. I get inquiries from all over the US, and I refer them to trusted colleagues I know around the country. I will get licensed in more states as demand dictates.
**DISCLAIMER** Seek a tax professional or Social Security themselves for advice. However in general since a Reverse Mortgage is a return of equity and not income, and this not taxes. It should have no affect on Social Security.
06:12 taking out a reverse mortgage to pay for medical bills is beyond dystopian. As a european, the US desperately needs public healthcare as well as R&D. I don't understand why americans let their poor people be treated the same way people in third world countries get treated.
Whats unbelieveable? That I am not interested in a giant government medical Bureaucracy for socialized medicine that delivers a substandard of care? Europe can keep that. Is the US perfect? No, but people from all over the world come here for medical care. I wonder why? You commented on my Reverse mortgage video, so lets stick to that. The vast majority of my clients use a Reverse for liquidity as a strategic use of their home equity assets that would normally not able to be monetized so they can enjoy quality of life now. @@MenkoDany
Reverse mortgages are a great financial tool for a ton of scenarios. It may not be for everyone, but for most seniors with a largw amount of equity, it should be considered and you should talk with an expert.
if you choose to live without a mortgage, one benefit of that is that u DONT need an insurance and its also one of the reasons why You would choose to live without mortgage so you are not correct on that one. So its just taxes and HOA if you have one
Owning your house out right is always better but the average house in America is four hundred grand and the avg salary is 35 grand so it’s just not feasible
@@84jamesp Id say it depends on your personal situation. If you have other assets to generate income in retirement, then a Reverse may not be the best option. But if home equity is your only asset, a Reverse Mortgage could be a good option.
@@emmettmortgage am I correct in assuming the Insurance mentioned is Home Owners Insurance, also genericly referred to as house insurance on your home? If I'm correct in the above, even if you have a fully paid off house , home insurance is needed.....in Florida at least. My home was 17 years old when Hurricane Irma (Catagory 4) hit directly in my area. My hosuse withstood it. In 2022 Hurricane Ian (Catagory 3) hit directly and half the shingles of my roof where blown/torn off. Luckily just that and no leaks or other damage, aside for to down trees ....far enough that no damage occurred to the house. I don't like that the cost of home insurance is high, but it is that unwanted/unpleasant necessity at least in Florida it is. From Hurricane Ian damage, the home insurance I had Luckily covered the full replacement of the roof.....shingles, some plywood that was rotted, and everything that goes with a roof replacement. If you don't get home owners insurance, it is Very important that you realize it is a Must for you to put aside a good amount of money Each Month to cover any damages your house might/will eventually experience over the years. Depending on where you live, it could be a $100 , $200 , $300....... per month or $1,000 , $2,000 , $3,000....... per month that you have to save. There are many factors that go into that, such as the region you live in, be it in Florida or another state, cost of repairs and so on. Don't for get to factor in the wonderful Inflation that almost happens each year. In my situation, just for my roof replacement, if I didn't have home insurance for the 13 years, I calculated that I would have had to save appropriately $150 per Month or appropriately $1,800 per Year for those 13 years.....Just to cover the replacement of my roof. In my case, I calculated that in the appropriately 13 years I had owned my home when I made my first insurance claim for my rood damage due to Hurricane Ian, I had paid Appropriately $40,000 in those 13 years. The cost for the roof replacement was appropriately $25,000 ....... at first glance that seems I lost out by $15,000, But remember that only my roof was damaged. If say the Hurricane was a Catagory 5, and hit directly, cause more severe damage....$90,000 worth, now I'm in the positive/savings of $50,000. There were a few coworkers of mine that just about had to rebuild from the base-slabe up. Some were in the 6-figures in the Cost. It is a hassle to deal with an insurance claim, but Worth it. Also, do the extra leg work by handling the claim directly and fully with the insurance Yourself. Do NOT let the contractor (Roofing company, etc.) Be the middle-man between you and the insurance company. In my case, I handled it myself and although it was somewhat stressful, it came out better in the end for me. When I was shopping around for a Roofing contractor, one guy was pushing for me to hire them and he Built Up how they would take care of everything with my insurance company and that I wouldn't have to lift a finger......just sign here....he said. An uneasy feeling came over me, so I politely told him I would contact him later once I thought about it more with my wife. We Did Not hire him.
@@JohnPaul-ol5zl Well for the Reverse there is FHA Mortgage Insurance, so not sure if that is what you are referencing. Thank you so much for sharing your story about home insurance. In Florida we have had to deal with a lot. I hope the state continues to do something to bring these costs down.
@@myrtlemoore7611 No, "they" do not take it. Please stop this nonsense and misinformation. The home goes into your estate and disposed of according to your estate plan. The home is an asset like any other, which has the Reverse mortgage debt that needs to be paid. In general the estate tallies up assets, pays all liabilities and the difference is disbursed to the heirs.
I know Math is Hard but let me try! So if I have a $500,000 paid of home, I can take out 50% of my equity at let’s say 10%. So I get 250,000 dollars, within 7 or less years I now own the lender $500K because of interest. But I have to pay to MAINTAIN the home along with all other monthly expenses. So as my homes value is growing annually, I’m mandatorily maintaining it for the now owner which is the lender. Can you imagine your mom or dad owns a home they bought for Pennie’s compared to now, and when you go to inherit it, it has a loan on it equal to todays market value?? Bro, this is evil! Anyone thinking of this, please sell your home and figure out what’s next, you are literally selling your home for 50% off and the person who bought it from you is forcing you to maintain it or else they take it away. And if you happen to live for 20 years the lender gets all the appreciation because of the rate on your loan.
Thank you for your comment. Your premise and assumptions seem to be horribly misinformed. Let me address your points: -You bring up a scenario of a $500K paid off home. What are you talking about 50%? I never mentioned anything about that in the video. You can't take out anywhere near that. How much you can take out on a HECM refinance depends on several factors namely your age, rates and equity. For your scenario, I looked at 65 year old homeowner with a free and clear home. Rates are no where near 10% btw, so not sure where you got that either. The homeowner in this case would receive about $76,000 cash at closing with a credit line 1 year later of about $68,000 that grows at about 8.2% a year. That initial max cash draw is 15%...not 50%. -Yes you have to MAINTAIN your property. EVERY homeowner has to maintain their property satisfactory to the loan given to them. -What are you talking about the "now owner"? Let me be very clear about Reverse Mortgages and I have said it in the video too - THE BANK DOES NOT OWN YOUR HOME!! A Reverse Mortgage lien is the same as a forward mortgage. You maintain ownership. The loan needs to be repaid. For a forward its through payments. For a Reverse its after death via sale/refinance. Ownership is still maintained by the homeowner. -As I said in my video, I did a Reverse Mortgage for my mother before she died. We talked about it as a family and her quality of life was our primary concern....not our selfish views of what we get when she dies. If that is your primary concern you should be ashamed. That is THEIR home equity; not yours. Evil? Wow now its getting thick. Allowing seniors access to their home equity to accomplish their liquidity goals is far from Evil. I help my senior clients do just that. Reverse Mortgages like anything are right for the right clients and should be looked at as an option. Your advice is to sell and figure out it? Wow. Do you have any idea what the real estate market is like, what property taxes and Homestead are in FL? What in the world does selling for 50% off and forcing you to maintain it or take it away mean? And the 20 year lender keeps appreciation part?? Wow wow wow. You clearly have no idea how Reverses work, but you want to post a comment giving horrible advice to people when you are 100% wrong. This right here is why I create content on Reverse mortgages to counter these misinformed narratives. That being said I wish you a very Merry Christmas and a Happy New year. Thank you.
@@emmettmortgageI am looking at a pdf my brother sent me for a possible reverse mortgage on my mother's house. The rate is 7.85%. I would say that's very close to 10%. Also, they only permit so much money a year to be taken out! Considering that the banks in America are CLEARLY INSOLVENT it seems like a total rip off. We would be better off selling the property!
Hey Barbara. Thank you for the comment. Interest rates this month on normal 30 year fixed loans were over 8%. The current rate environment is higher than it was compared to the post COVID 2020/2021 era but historically in line. I do not agree with your premise of how a 7.85% is "close" to 10%. It is a night and day difference. For instance on a $200,000 30 year fixed loan that difference is $308 a month. Over 30 years that is a $110,880 difference in interest. Yes a Reverse Mortgage per FHA HUD guidelines puts guard rails on how much equity can be taken out. This was part of the Reverse Mortgage reforms started in 2013 that led to current financial assessment and safety protocols to ensure senior homeowners can afford the tax and insurance payments and that too much equity is not taken out and spent early in the loan. Care to elaborate about banks being insolvent? Not sure what that has to do specifically with evaluating a Reverse Mortgage which is a federal loan based on home equity. Not a local bank product. If you feel selling the home is the best move; then great. Do that. However understand it creates another problem; in a country with 4 Million units short of normal demand for housing, where is your Mother going to go? I don't know what state you are in, but here in Florida, homestead is a big property tax savings, and if she sold and bought something else, her property tax basis starts much higher. If you want a second look at your Mom's numbers I would be happy to help.
@@barbaradivita2158 Keep in mind that the limit on how much you can take out is only for year one , hud will only allow you acces to 60% of the available amount the first year .After 12 months you can draw as much as you like (This comment pertains to the hecm reverse line of credit) .
I completely disagree. Yes I and mortgage companies are in business to make money. I greatly care about all my mortgage clients. And your advice is terrible....sell the home or rent it out? Hmm...most seniors I talk with every day have no desire to do either of those. I have talked about the issues with that in previous comments above. Thank you for your comment and have a Merry Christmas and Happy New Year!
Sure sure sure...see a reverse mortgage is like a deal with the devil...except instead of your soul you're trading your home for half what you'd get by simply selling it. 👍
That is beyond absurd. A Reverse Mortgage, like any other financial product, is a good solution for the right client as I explain in the video. I was very clear that it is meant for a client that wants to remain in their home. They don't want to sell it. They want to live there. But what if they did want to sell as you suggested. Where would they go? Have you seen inventory and home prices? Many times they bought years ago and have equity, and most importantly homesteaded taxes, which is another discussion.
@emmettmortgage I had a few questions regarding the chart towards the end of the video that was titled Options for Heirs. The following is in a scenario what the house is Fully paid off, no leans, property taxes are paid up-to-date, etc......simple clear example. The house is the primary residence/homestead of the couple obtaining the reverse mortgage loan. They both of the required age as well and have fully qualified. In Option (2) Payoff or Refinance, say: The value of the house When the owner first obtained the Reverse Mortgage was $200,000. The amount they borrowed from the bank say was $100,000 [just for discussion purposes....as the borrowed amount could be restricted by state/federal laws/regulations] [you can let me know in your response what is the Max amount or percentage of the house value that is allowed by law for a reverse mortgage). 10 years after the reverse mortgage was obtained, both borrowers pass away on the same day. To keep the home, Do the Heirs pay the Said bank $100,000 plus some interst (what example percentage interst for today's 2024 year would that be and what amount in dollars does that calculate out to be???)??? OR Do the Heirs pay the said bank $200,000 OR the present market value (In Florida) of the home? In the Option (4), Do the Heirs sell the home and then automatically (what is the time-frame???) Pay the said bank a said amount?.....If so, how is that said amount calculated? OR is the Said amount the current market value (In Florida) of the home at the Said time? In Option (3), Do the Heirs basically sign applicable legal documents to give ownership to the said bank and they do Not need to give any other money to the bank to be released from the reverse mortgage loan contract?
@@ScythesynNot at all. Many of my Reverse Clients had other assets, and they use their home equity to their advantage. The Reverse Mortgage is intended to be paid by their estate after they die.
Thanks for watching and click here to download your FREE Reverse mortgage eGuide - linktr.ee/emmettmortgage
Thank you for the information, very helpful!
Youre welcome. Thanks for watching!
Great content!
Thank you!
Greetings, I'm 62, got injured on job 3 years ago. I have a mortgage balance of 175,000, and equity of 60,000. emergency savings was used up. Can I get any equity if on social security. Thanks
It depends. What state are you in?
I'm 51 and my house has been paid off for about 10 years. If I reach the age of 62, can I do a reverse mortgage to pull the equity out to live on, along with my ss and pension? I'm not planning on willing it off.
Yes you can. 👍
That sounds like a sound plan.
If you aren't willing the property to anyone then that is exactly what you should do. Good luck.
Can you do one for the reverse purchase loan?
Yes Reverse Purchase is a great tool. I have another video on the channel about it.
Can you help people with this loan in other states?
Currently licensed in FL and GA. Other states I can refer to other Broker colleagues.
I am currently licensed in FL and GA. I get inquiries from all over the US, and I refer them to trusted colleagues I know around the country. I will get licensed in more states as demand dictates.
Thanks for the explanation!
Your'e very welcome!
This is excellent information.
Thank you so much. 👍
So if there's equity left and we sell, is the bank entitled to some? If so, what percent?
No. A Reverse is just a loan amortized a different way. The estate sells or refinances the house, pays off the loan, and keeps what is left.
How would the income on a Reverse mortgage affect a person's Social Security?
**DISCLAIMER** Seek a tax professional or Social Security themselves for advice.
However in general since a Reverse Mortgage is a return of equity and not income, and this not taxes. It should have no affect on Social Security.
06:12 taking out a reverse mortgage to pay for medical bills is beyond dystopian. As a european, the US desperately needs public healthcare as well as R&D. I don't understand why americans let their poor people be treated the same way people in third world countries get treated.
No we dont. Thank you for your comment.
@@emmettmortgage Unbelievable. Have you no shame?
Whats unbelieveable? That I am not interested in a giant government medical Bureaucracy for socialized medicine that delivers a substandard of care? Europe can keep that. Is the US perfect? No, but people from all over the world come here for medical care. I wonder why?
You commented on my Reverse mortgage video, so lets stick to that. The vast majority of my clients use a Reverse for liquidity as a strategic use of their home equity assets that would normally not able to be monetized so they can enjoy quality of life now.
@@MenkoDany
Reverse mortgages are a great financial tool for a ton of scenarios. It may not be for everyone, but for most seniors with a largw amount of equity, it should be considered and you should talk with an expert.
100%. Thank you for the constructive comment. As I said in the video, like any financial product its right for the right client.
Great information
Thank you so much!
if you choose to live without a mortgage, one benefit of that is that u DONT need an insurance and its also one of the reasons why You would choose to live without mortgage so you are not correct on that one. So its just taxes and HOA if you have one
Correct. You could choose to not have insurance if you have no mortgage but that is very risky IMO living in Florida with our weather and climate.
Owning your house out right is always better but the average house in America is four hundred grand and the avg salary is 35 grand so it’s just not feasible
@@84jamesp Id say it depends on your personal situation. If you have other assets to generate income in retirement, then a Reverse may not be the best option. But if home equity is your only asset, a Reverse Mortgage could be a good option.
@@emmettmortgage am I correct in assuming the Insurance mentioned is Home Owners Insurance, also genericly referred to as house insurance on your home?
If I'm correct in the above, even if you have a fully paid off house , home insurance is needed.....in Florida at least. My home was 17 years old when Hurricane Irma (Catagory 4) hit directly in my area. My hosuse withstood it. In 2022 Hurricane Ian (Catagory 3) hit directly and half the shingles of my roof where blown/torn off. Luckily just that and no leaks or other damage, aside for to down trees ....far enough that no damage occurred to the house.
I don't like that the cost of home insurance is high, but it is that unwanted/unpleasant necessity at least in Florida it is.
From Hurricane Ian damage, the home insurance I had Luckily covered the full replacement of the roof.....shingles, some plywood that was rotted, and everything that goes with a roof replacement.
If you don't get home owners insurance, it is Very important that you realize it is a Must for you to put aside a good amount of money Each Month to cover any damages your house might/will eventually experience over the years. Depending on where you live, it could be a $100 , $200 , $300....... per month or $1,000 , $2,000 , $3,000....... per month that you have to save. There are many factors that go into that, such as the region you live in, be it in Florida or another state, cost of repairs and so on. Don't for get to factor in the wonderful Inflation that almost happens each year.
In my situation, just for my roof replacement, if I didn't have home insurance for the 13 years, I calculated that I would have had to save appropriately $150 per Month or appropriately $1,800 per Year for those 13 years.....Just to cover the replacement of my roof.
In my case, I calculated that in the appropriately 13 years I had owned my home when I made my first insurance claim for my rood damage due to Hurricane Ian, I had paid Appropriately $40,000 in those 13 years. The cost for the roof replacement was appropriately $25,000 ....... at first glance that seems I lost out by $15,000, But remember that only my roof was damaged. If say the Hurricane was a Catagory 5, and hit directly, cause more severe damage....$90,000 worth, now I'm in the positive/savings of $50,000. There were a few coworkers of mine that just about had to rebuild from the base-slabe up. Some were in the 6-figures in the Cost.
It is a hassle to deal with an insurance claim, but Worth it. Also, do the extra leg work by handling the claim directly and fully with the insurance Yourself. Do NOT let the contractor (Roofing company, etc.) Be the middle-man between you and the insurance company. In my case, I handled it myself and although it was somewhat stressful, it came out better in the end for me. When I was shopping around for a Roofing contractor, one guy was pushing for me to hire them and he Built Up how they would take care of everything with my insurance company and that I wouldn't have to lift a finger......just sign here....he said. An uneasy feeling came over me, so I politely told him I would contact him later once I thought about it more with my wife. We Did Not hire him.
@@JohnPaul-ol5zl Well for the Reverse there is FHA Mortgage Insurance, so not sure if that is what you are referencing. Thank you so much for sharing your story about home insurance. In Florida we have had to deal with a lot. I hope the state continues to do something to bring these costs down.
If you die, what happens to this house?
It goes to your estate and administered per your estate plan.
They take it
@@myrtlemoore7611 No, "they" do not take it. Please stop this nonsense and misinformation.
The home goes into your estate and disposed of according to your estate plan. The home is an asset like any other, which has the Reverse mortgage debt that needs to be paid. In general the estate tallies up assets, pays all liabilities and the difference is disbursed to the heirs.
But can we reverse a reverse mortgage?
No
It scares me a bit your reading off notes
I was reading off a teleprompter from a script I wrote myself. I dont script word for word anymore.
Why does the U.S. government allow reverse mortgages?
Becsuse its a great program to allow senior access to home equity in an insured manner througjh the FHA
I know Math is Hard but let me try!
So if I have a $500,000 paid of home, I can take out 50% of my equity at let’s say 10%.
So I get 250,000 dollars, within 7 or less years I now own the lender $500K because of interest.
But I have to pay to MAINTAIN the home along with all other monthly expenses. So as my homes value is growing annually, I’m mandatorily maintaining it for the now owner which is the lender.
Can you imagine your mom or dad owns a home they bought for Pennie’s compared to now, and when you go to inherit it, it has a loan on it equal to todays market value??
Bro, this is evil! Anyone thinking of this, please sell your home and figure out what’s next, you are literally selling your home for 50% off and the person who bought it from you is forcing you to maintain it or else they take it away. And if you happen to live for 20 years the lender gets all the appreciation because of the rate on your loan.
Thank you for your comment.
Your premise and assumptions seem to be horribly misinformed.
Let me address your points:
-You bring up a scenario of a $500K paid off home. What are you talking about 50%? I never mentioned anything about that in the video. You can't take out anywhere near that. How much you can take out on a HECM refinance depends on several factors namely your age, rates and equity. For your scenario, I looked at 65 year old homeowner with a free and clear home. Rates are no where near 10% btw, so not sure where you got that either. The homeowner in this case would receive about $76,000 cash at closing with a credit line 1 year later of about $68,000 that grows at about 8.2% a year. That initial max cash draw is 15%...not 50%.
-Yes you have to MAINTAIN your property. EVERY homeowner has to maintain their property satisfactory to the loan given to them.
-What are you talking about the "now owner"? Let me be very clear about Reverse Mortgages and I have said it in the video too - THE BANK DOES NOT OWN YOUR HOME!! A Reverse Mortgage lien is the same as a forward mortgage. You maintain ownership. The loan needs to be repaid. For a forward its through payments. For a Reverse its after death via sale/refinance. Ownership is still maintained by the homeowner.
-As I said in my video, I did a Reverse Mortgage for my mother before she died. We talked about it as a family and her quality of life was our primary concern....not our selfish views of what we get when she dies. If that is your primary concern you should be ashamed. That is THEIR home equity; not yours.
Evil? Wow now its getting thick. Allowing seniors access to their home equity to accomplish their liquidity goals is far from Evil. I help my senior clients do just that. Reverse Mortgages like anything are right for the right clients and should be looked at as an option. Your advice is to sell and figure out it? Wow. Do you have any idea what the real estate market is like, what property taxes and Homestead are in FL?
What in the world does selling for 50% off and forcing you to maintain it or take it away mean? And the 20 year lender keeps appreciation part?? Wow wow wow.
You clearly have no idea how Reverses work, but you want to post a comment giving horrible advice to people when you are 100% wrong. This right here is why I create content on Reverse mortgages to counter these misinformed narratives.
That being said I wish you a very Merry Christmas and a Happy New year. Thank you.
@@emmettmortgageI am looking at a pdf my brother sent me for a possible reverse mortgage on my mother's house. The rate is 7.85%. I would say that's very close to 10%. Also, they only permit so much money a year to be taken out! Considering that the banks in America are CLEARLY INSOLVENT it seems like a total rip off. We would be better off selling the property!
Hey Barbara. Thank you for the comment. Interest rates this month on normal 30 year fixed loans were over 8%. The current rate environment is higher than it was compared to the post COVID 2020/2021 era but historically in line.
I do not agree with your premise of how a 7.85% is "close" to 10%. It is a night and day difference. For instance on a $200,000 30 year fixed loan that difference is $308 a month. Over 30 years that is a $110,880 difference in interest.
Yes a Reverse Mortgage per FHA HUD guidelines puts guard rails on how much equity can be taken out. This was part of the Reverse Mortgage reforms started in 2013 that led to current financial assessment and safety protocols to ensure senior homeowners can afford the tax and insurance payments and that too much equity is not taken out and spent early in the loan.
Care to elaborate about banks being insolvent? Not sure what that has to do specifically with evaluating a Reverse Mortgage which is a federal loan based on home equity. Not a local bank product.
If you feel selling the home is the best move; then great. Do that. However understand it creates another problem; in a country with 4 Million units short of normal demand for housing, where is your Mother going to go? I don't know what state you are in, but here in Florida, homestead is a big property tax savings, and if she sold and bought something else, her property tax basis starts much higher.
If you want a second look at your Mom's numbers I would be happy to help.
@@barbaradivita2158 Keep in mind that the limit on how much you can take out is only for year one , hud will only allow you acces to 60% of the available amount the first year .After 12 months you can draw as much as you like (This comment pertains to the hecm reverse line of credit) .
If they needed a reverse loan in the first place then they won’t be paying it back or the people around them won’t be paying it back when they die
Reality Mortgage companies do not care about you they're to make money period You're better off just selling your home or renting it out
I completely disagree. Yes I and mortgage companies are in business to make money. I greatly care about all my mortgage clients. And your advice is terrible....sell the home or rent it out? Hmm...most seniors I talk with every day have no desire to do either of those. I have talked about the issues with that in previous comments above.
Thank you for your comment and have a Merry Christmas and Happy New Year!
Reverse mortgage is how my ex lost her house.
HA HA!
Can you elaborate? How did she lose her house?
You really need to work on how you explain things
What did I miss?
Sure sure sure...see a reverse mortgage is like a deal with the devil...except instead of your soul you're trading your home for half what you'd get by simply selling it. 👍
That is beyond absurd. A Reverse Mortgage, like any other financial product, is a good solution for the right client as I explain in the video.
I was very clear that it is meant for a client that wants to remain in their home. They don't want to sell it. They want to live there.
But what if they did want to sell as you suggested. Where would they go? Have you seen inventory and home prices? Many times they bought years ago and have equity, and most importantly homesteaded taxes, which is another discussion.
@emmettmortgage I had a few questions regarding the chart towards the end of the video that was titled Options for Heirs.
The following is in a scenario what the house is Fully paid off, no leans, property taxes are paid up-to-date, etc......simple clear example. The house is the primary residence/homestead of the couple obtaining the reverse mortgage loan. They both of the required age as well and have fully qualified.
In Option (2) Payoff or Refinance, say:
The value of the house When the owner first obtained the Reverse Mortgage was $200,000.
The amount they borrowed from the bank say was $100,000 [just for discussion purposes....as the borrowed amount could be restricted by state/federal laws/regulations] [you can let me know in your response what is the Max amount or percentage of the house value that is allowed by law for a reverse mortgage).
10 years after the reverse mortgage was obtained, both borrowers pass away on the same day.
To keep the home, Do the Heirs pay the Said bank $100,000 plus some interst (what example percentage interst for today's 2024 year would that be and what amount in dollars does that calculate out to be???)??? OR Do the Heirs pay the said bank $200,000 OR the present market value (In Florida) of the home?
In the Option (4), Do the Heirs sell the home and then automatically (what is the time-frame???) Pay the said bank a said amount?.....If so, how is that said amount calculated? OR is the Said amount the current market value (In Florida) of the home at the Said time?
In Option (3), Do the Heirs basically sign applicable legal documents to give ownership to the said bank and they do Not need to give any other money to the bank to be released from the reverse mortgage loan contract?
@@JohnPaul-ol5zl Thanks for the comment and the time it took to write that. I will review this and break it down to respond to your questions. :)
@@emmettmortgagepoor people are the target they won’t be able to pay it back without selling or if the borrower dies tf
@@ScythesynNot at all. Many of my Reverse Clients had other assets, and they use their home equity to their advantage. The Reverse Mortgage is intended to be paid by their estate after they die.
lol
👍
Don’t do a reverse mortgage !!!!!!!
What are your reasons why not?