Comments on: Put It In Reverse: Your Mortgage, That Is http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/ Expert Advice & News on Bad Credit Mortgage, Mortgage Refinancing & Home Loans Sat, 21 Nov 2009 04:12:00 +0000 http://wordpress.org/?v=2.3.2 By: Gina Pogol http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-124 Gina Pogol Wed, 06 Aug 2008 21:42:35 +0000 http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-124 Alan, The HUD reverse mortgages (called Home Equity Conversion mortgages) have fairly low limits. However, other companies offer reverse mortgages on higher-valued properties. In addition, HUD recently increased the maximum reverse mortgage amount to $417,000. AARP has a cool little calculator that shows how much you can borrow on the HUD and Fannie Mae programs at http://www.rmaarp.com/ Alan,

The HUD reverse mortgages (called Home Equity Conversion mortgages) have fairly low limits. However, other companies offer reverse mortgages on higher-valued properties. In addition, HUD recently increased the maximum reverse mortgage amount to $417,000. AARP has a cool little calculator that shows how much you can borrow on the HUD and Fannie Mae programs at http://www.rmaarp.com/

]]> By: Gina Pogol http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-123 Gina Pogol Wed, 06 Aug 2008 21:37:33 +0000 http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-123 Dawn, If the value of the home is less than the property, you will not be required to come up with the difference. You are responsible for maintaining the home, though, so if it falls down from lack of care there could be some repercussions. Dawn,

If the value of the home is less than the property, you will not be required to come up with the difference. You are responsible for maintaining the home, though, so if it falls down from lack of care there could be some repercussions.

]]> By: Gina Pogol http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-122 Gina Pogol Wed, 06 Aug 2008 21:31:56 +0000 http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-122 June, When you die, the home becomes part of your estate. Your estate can sell the home to pay the loan, and if there is anything left over, the money goes to your heirs. The bank doesn't own your home. June,

When you die, the home becomes part of your estate. Your estate can sell the home to pay the loan, and if there is anything left over, the money goes to your heirs. The bank doesn’t own your home.

]]> By: Alan http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-114 Alan Fri, 01 Aug 2008 21:49:15 +0000 http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-114 June- The house would be sold and whatever's left goes to the kids... Just curious, what are the loan limits on average? Enough to buy a home? June- The house would be sold and whatever’s left goes to the kids…

Just curious, what are the loan limits on average? Enough to buy a home?

]]> By: Dawn http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-113 Dawn Fri, 01 Aug 2008 21:47:28 +0000 http://www.mortgagecreditproblems.com/blog/put-it-in-reverse-your-mortgage-that-is/#comment-113 What if the property decreases rapidly as what is happening now? Is it possible that the value could be less than the loan? What if the property decreases rapidly as what is happening now? Is it possible that the value could be less than the loan?

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