|
Joined: Apr 2014
Posts: 354
Campfire Member
|
OP
Campfire Member
Joined: Apr 2014
Posts: 354 |
Just this... Neighbor sold her house or took a reverse mortgage... Can it be bought before she passes? Anyone have knowledge or experience?
|
|
|
|
Joined: Apr 2011
Posts: 4,850
Campfire Tracker
|
Campfire Tracker
Joined: Apr 2011
Posts: 4,850 |
I would say yes. Probably a bit more hoops to jump through and unnecessary checkmark needed between lenders. I wouldn't try to untangle it without a professional overseeing it.
For even when we were with you, we gave you this rule: "If a man will not work, he shall not eat."
2 Thessalonians 3:10
|
|
|
|
Joined: Jan 2012
Posts: 955
Campfire Regular
|
Campfire Regular
Joined: Jan 2012
Posts: 955 |
It’s a loan like any other. When she is done with the house she can sell it and pay off the principal and accrued interest to that date.
KC
You can easily vote your way in to Socialism; but you'll have to shoot your way out.
|
|
|
|
Joined: Jan 2006
Posts: 654
Campfire Regular
|
Campfire Regular
Joined: Jan 2006
Posts: 654 |
More than likely; no. The mortgage will be bundled with others and sold as a much larger investment vehicle. These things are a real racket. Now, she is the bank and , depending on what she signed, there may be an avenue to offer her a higher return and flip the reverse mortgage so that you become the "borrower". I feel like you should eb able to carve out one loan, just need to figure out the price borrower is wiling to take. I'd say it carries a steep premium.
Last edited by KYFRED; 02/14/23.
|
|
|
|
Joined: Dec 2005
Posts: 10,276
Campfire Outfitter
|
Campfire Outfitter
Joined: Dec 2005
Posts: 10,276 |
"...A man's rights rest in three boxes: the ballot box, the jury box and the cartridge box..." Frederick Douglass, 1867
( . Y . )
|
|
|
|
Joined: Nov 2004
Posts: 7,108
Campfire Tracker
|
Campfire Tracker
Joined: Nov 2004
Posts: 7,108 |
Just this... Neighbor sold her house or took a reverse mortgage... Can it be bought before she passes? Anyone have knowledge or experience? Yes there is a number of ways of doing this. Be aware the reverse mortgage places are pretty keen on when the people die. They have a window of time where the loan must be paid off in full once that happens. The deal can be structured to deal with that.
|
|
|
|
Joined: Jan 2006
Posts: 69,360
Campfire Kahuna
|
Campfire Kahuna
Joined: Jan 2006
Posts: 69,360 |
A friend of ours has been embroiled in one of these for the last 2 years. She's 1 of 5 sisters. Their mother died a couple years ago. Mom had taken an RM on her house but she was a gambler and blew the whole amount of the loan gambling. It's a financial nightmare. 3 of the 5 sisters won't have anything to do with sorting it out. They just demand their inheritance. The 4th one is willing to help but she's bipolar and a financial dunce. That leaves our friend and her husband to work it out by themselves. I know nothing about what all is involved.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
|
|
|
|
Joined: Jul 2013
Posts: 1,051
Campfire Regular
|
Campfire Regular
Joined: Jul 2013
Posts: 1,051 |
A friend of ours has been embroiled in one of these for the last 2 years. She's 1 of 5 sisters. Their mother died a couple years ago. Mom had taken an RM on her house but she was a gambler and blew the whole amount of the loan gambling. It's a financial nightmare. 3 of the 5 sisters won't have anything to do with sorting it out. They just demand their inheritance. The 4th one is willing to help but she's bipolar and a financial dunce. That leaves our friend and her husband to work it out by themselves. I know nothing about what all is involved. they either have to sell the house or buy it......I think its pretty simple......bob
|
|
|
|
Joined: Jan 2006
Posts: 69,360
Campfire Kahuna
|
Campfire Kahuna
Joined: Jan 2006
Posts: 69,360 |
A friend of ours has been embroiled in one of these for the last 2 years. She's 1 of 5 sisters. Their mother died a couple years ago. Mom had taken an RM on her house but she was a gambler and blew the whole amount of the loan gambling. It's a financial nightmare. 3 of the 5 sisters won't have anything to do with sorting it out. They just demand their inheritance. The 4th one is willing to help but she's bipolar and a financial dunce. That leaves our friend and her husband to work it out by themselves. I know nothing about what all is involved. they either have to sell the house or buy it......I think its pretty simple......bob They'll sell it but because of gambling debts, there are some serious problems. I don't know much more than that.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
|
|
|
|
Joined: Sep 2003
Posts: 23,425
Campfire Ranger
|
Campfire Ranger
Joined: Sep 2003
Posts: 23,425 |
Title company will sort it out.
|
|
|
|
Joined: Jan 2012
Posts: 67,051
Campfire Kahuna
|
Campfire Kahuna
Joined: Jan 2012
Posts: 67,051 |
This place is full of smarts
Reverse mortgages, whole life insurance, car leases, hunting leases,
|
|
|
|
Joined: Apr 2011
Posts: 151,419
Campfire Savant
|
Campfire Savant
Joined: Apr 2011
Posts: 151,419 |
|
|
|
|
Joined: Sep 2012
Posts: 1,698
Campfire Regular
|
Campfire Regular
Joined: Sep 2012
Posts: 1,698 |
If she has reverse mortgage, she pays no payments while she is alive, after her death, her family has 1 year to either pay off the mortgage or sell the house and pay the owed amount. He family can't keep the mortgage or sell the mortgage.
|
|
|
|
Joined: Nov 2020
Posts: 798
Campfire Regular
|
Campfire Regular
Joined: Nov 2020
Posts: 798 |
A neighbors mother had a reverse mortgage on her home. When she died the family removed all of her belongings and turned the house over to the mortgage company. He said there were zero issues.
|
|
|
|
Joined: Jul 2015
Posts: 14,694
Campfire Outfitter
|
Campfire Outfitter
Joined: Jul 2015
Posts: 14,694 |
A friend of ours has been embroiled in one of these for the last 2 years. She's 1 of 5 sisters. Their mother died a couple years ago. Mom had taken an RM on her house but she was a gambler and blew the whole amount of the loan gambling. It's a financial nightmare. 3 of the 5 sisters won't have anything to do with sorting it out. They just demand their inheritance. The 4th one is willing to help but she's bipolar and a financial dunce. That leaves our friend and her husband to work it out by themselves. I know nothing about what all is involved. they either have to sell the house or buy it......I think its pretty simple......bob They'll sell it but because of gambling debts, there are some serious problems. I don't know much more than that. I'd refuse to pay the gambling debt.
Politics is War by Other Means
|
|
|
|
Joined: Sep 2003
Posts: 23,425
Campfire Ranger
|
Campfire Ranger
Joined: Sep 2003
Posts: 23,425 |
A neighbors mother had a reverse mortgage on her home. When she died the family removed all of her belongings and turned the house over to the mortgage company. He said there were zero issues. Probably still equity in the home. Like I said, if you want to buy it, get it under contract, and kick it to the title company for a warranty deed. In title land, they will sort it all out, pay off who needs to be paid off and you get a clean title. They are used to dealing with all sorts of issues like trusts, reverse mortgages etc. To get insurance on the title, they get everything settled.
|
|
|
|
Joined: Apr 2014
Posts: 354
Campfire Member
|
OP
Campfire Member
Joined: Apr 2014
Posts: 354 |
Thanks for ll the advice... Slumlord's point is valid - so many financial sinkholes people manage to get into
|
|
|
|
Joined: Jul 2013
Posts: 1,051
Campfire Regular
|
Campfire Regular
Joined: Jul 2013
Posts: 1,051 |
A friend of ours has been embroiled in one of these for the last 2 years. She's 1 of 5 sisters. Their mother died a couple years ago. Mom had taken an RM on her house but she was a gambler and blew the whole amount of the loan gambling. It's a financial nightmare. 3 of the 5 sisters won't have anything to do with sorting it out. They just demand their inheritance. The 4th one is willing to help but she's bipolar and a financial dunce. That leaves our friend and her husband to work it out by themselves. I know nothing about what all is involved. they either have to sell the house or buy it......I think its pretty simple......bob They'll sell it but because of gambling debts, there are some serious problems. I don't know much more than that. I'd refuse to pay the gambling debt. who said there is a gambling debt....said the money was blown on gambling.....doesnt impact the sale of the house...bob
|
|
|
|
Joined: Jul 2013
Posts: 1,051
Campfire Regular
|
Campfire Regular
Joined: Jul 2013
Posts: 1,051 |
Thanks for ll the advice... Slumlord's point is valid - so many financial sinkholes people manage to get into and how is a reverse mortgage a sinkhole?....bob
|
|
|
|
579 members (007FJ, 10gaugemag, 1234, 1beaver_shooter, 10gaugeman, 160user, 53 invisible),
1,960
guests, and
1,165
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
Forums81
Topics1,191,877
Posts18,479,011
Members73,947
|
Most Online11,491 Jul 7th, 2023
|
|
|
|