All About Mortgages

12 Responses to “Reverse Mortgage Nationwide (reversemortgages)”

1. GrinNBarrett on March 7th, 2008 at 4:30 pm

   Be careful here. The fees are high and 30.00 a month is maintenance you must pay every month. If you are unable to live in your home (say you get sick and have to go to a nursing home to live your mortgage all of it becomes due the minut4e you can no longer live in your home.

   On a two hundred thousand dollar reverse mortgage you are accessed 14,000 in closing costs off the top.

   Better rethink this one.

2. HOOLOHA on March 18th, 2008 at 11:25 am

   Dear GrinNBarrett,
   Thank you for expressing your concerns. What you have said is not true!!! HECM Reverse Mortgage is to help Senior Homeowners to tap into the home equity without worry about making monthly payment. The lender has financed the closing costs and give homeowners money without knowing when they will get their money back. HECM Reverse Mortgage is being insured by FHA, which gives the lender the confident to lend money.

3. GrinNBarrett on March 18th, 2008 at 11:29 am

   I asked the person that came to my home and explained it all. He said you must be living in your home for the length of the contract.
   Remember you have sold your home, else why closing costs?

4. HOOLOHA on March 18th, 2008 at 11:38 am

   Continues(GNB)
   Incase you get sick and have to go to a nursing home mortgage is not due right away. Unless you nolonger live in the home more than One Year then you have two options.
   1. Sell the house payback the Reverse Mortgage
   2. Have some one take over, Refinance under their name and payoff Reverse Mortgage.
   Lender would give you up to one year to exercise your options.Lender is not going after Senior Homeowners and forced them to payback their mortgages.
   No bank wants a bad name!!!

5. HOOLOHA on March 18th, 2008 at 11:57 am

   Dear GNB,
   Reverse Mortgage is a mortgage. The Lender is not offered to buy your home; the lender offered to lend you the money. You still remain on the title, and you have all rights and privileges as a homeowner. There are four different closing cost.
   1. Monthly Servicing Fee (25-35)normaly $30
   Servicing & Providing Loan Status (current balance.
   2. Mortgage Insurance Premium(MIP)Paid direct to FHA to insured the mortgage
   3. Loan Origination Fee:
   4. Other Closing Cost:Appraisal, Title…

6. palsimon614 on July 30th, 2008 at 6:01 pm

   Doomstay Scenario none of the lenders or HUD tell you about: If you go into bankruptcy because you cannot pay your credit card debts, FHA terms require the lender to call your loan. I don’t know what happens then? Terrible possibilities here.

7. HOOLOHA on July 30th, 2008 at 7:17 pm

   There is more to the story, it is not as simple as the way you have described it. Reverse Mortgage is regulated by HUD, and goal of Reverse Mortgage is to provide supplemental incomes and financial needs for Senior Homeowners. If you know more about the story, please share with us. This is an interesting topic.

8. Millardray on July 30th, 2008 at 7:53 pm

   HOOLOHA – You sent email stating you think there is more to story about lender calling loan if borrower goes into bankruptcy. I guarantee you that if you contact HUD they will tell you that HUD REQUIRES the lender to call the loan. I have spoken to many, many different counselling services and with HUD officials, and this is what they tell me. It is in every Reverse Mortgage Contract. I wish to GOD you could prove otherwise, as I am worried sick about this.

9. Millardray on July 30th, 2008 at 7:57 pm

   This is aall true with one exception. You can be in the nursing home about 6 months before your loan is called. Yes about $14K in closing costs plus $30 month in services fees and $62 month for FHA Mortgage insurance on $151K loan. Expensive. But some golks don’t have better options.

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