US Mortgage Information

krayz asked:


I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.

Nathan

leelana asked:


This house is listed in public record as “mixed Use” although I do have a smll apt for myself in this , It is not my legal residence. This is located in queens ny.

Jon

herbajones asked:


Im 64 and my mortgage is paid off. I read from one lender that fees could run between $5,000 to $8,000. Is this a competive market or is this what I should expect?
Also, my wife ( co-owner ) is only 60 years old…. What problems will I have with eligibility? Should I just scrap this idea and is there another way to get my equity from my house. I am on social security retirement..with no other income and my wife is unable to work.

Samuel

antiquesalejunky asked:


With a reverse mortgage, If owner stays in house for longer than expected and with interest, etc. ends up “upside down” — in other words, more is owed on the house than it’s current value, (of course, after the death of the owner), and after the bank sells the house can it then come to the estate to make up the difference?

Nancy

leogrand2003 asked:


This reverse mortgage is for me or not?

John

MrStevens asked:


And how exactly do they work?

Benjamin

[email protected] asked:


I want to change my field of work and I do not know where to get trained.

Douglas

MrStevens asked:


My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home. I live in Ft. Lauderdale, Fl. and am retired 6 years now.

Eric

mgs4Real asked:


My friends were looking into getting one and I did not understand what it was. It sounds like it isn’t much different than a “second mortgage” that you receive in payments instead of in one lump sum, paying interest on this loan all the while. Correct?

Frank

*MacDaddy* asked:


I get a lot of offers in the mail since I looked into it.

Curtis