US Mortgage Information

sophieb asked:


If a person has paid PITI on their $175,000 home over 15 years and now has taken out a reverse mortgage, how many years can that person expect to be paid back from that mortgage (plus, I guess the mortgage company will be deducting their fees)? And, what happens to the home and the person after the reverse mortgage has ended.
Part of PITI IS the payment toward the house so yes it depends on how much was paid on the mortgage from PITI.
And, I didn’t ask anything about death.
so how many years will this pay down of the mortgage last? 10 years, 15 years, less? what’s your guess?

Den Burke

Pat asked:


I owe $54,000 on the house, the state appraisal for taxes is $79,000. Is it worth it to get a reverse mortgage.

ARCHWOOD

ADMIRAL 0125 asked:


We are in our mid sixties. Would it be advantageous to do a reverse mortgage?

Troy

Jewels asked:


My dog is 17 years old … according to the veterinarians, that’s 84 in people years! Can he take out a reverse mortgage on his dog house, to pay for his veterinarian expenses?

Ryan

ttedua asked:


The reverse mortgage will be for my mother who is unable to manager her funds. How can I protect her funds and administer her monies safely? Is it possible to put restrictions on where and how much money is used?

Bobby

cayeyana_pura asked:


What exactly is a reverse mortgage? Why don’t people have to pay it back?

Den Burke

lincolndriver97 asked:


My dad is 70 years old. If he was to buy a house today, can he go straight to the reverse mortgage, or does he have to buy the house and then go to the reverse mortgage. please help.
he’s planning a down payment of 10% of the house.

James

mamaof1 asked:


I hope i made sense….if not ill try to make it sound simpler

Gregory

MrStevens asked:


And how do they work?

Bill

herbajones asked:


She is willing to do this in order for us to get a reverse mortgage loan. Will we have to go through a lawyer or can this be done at little or no expense? If I die first she will sell the house and then pay off the loan. Also we plan to make a will leaving her the house, so she will be the owner and will be able to sell , pay the loan and move in with her sister. My question is how to legally remove her from the title in order to start the loan process, without costing us.

Jason