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He got a reverse mortgage and he thinks when he passes the family gets the home even though we told him that doesn't happen. So we're trying to figure out a way to get out of the reverse mortgage. Can he sign over the house before he passes?
When I reviewed a reverse mortgage for someone a few years back, it was a negatively amortized loan. I haven't reviewed any other company's loan documents, but I saw enough to recommend that the person NEVER enter into a reverse mortgage commitment.
Based on what I read, the initial advance begins drawing interest immediately. Using a basic formula to illustrate how this works, the next month the principal balance includes the advance (A) plus the first month's interest (I no. 1). Then the next month the amount outstanding includes A, plus I no. 1 and I no. 2 - in other words, the outstanding advance, plus interest for the next two months.
Each month interest is applied on the previous month's outstanding balance, and so it goes as interest adds up and up quicker than eating a dozen chocolate bars adds weight.
If someone is in need of funds and wants to get a mortgage, a standard equity line is better. I don't see how anyone who does need money can get an RM and ever think of paying it off, unless that person anticipates winning a lottery or finding a pot of gold at the end of a rainbow.
Perhaps these egregious terms no longer apply to RMs; I don't know and would only consider getting one if I was broke and needed money desperately, such as for end of life medical care, or if I wanted to "stick it to" an RM lender, with deliberate intention to use the money, not worry about paying it back, and let the lender have the house.
Sbopie, your father would retain title to the home, SUBJECT to the interest of the reverse mortgage lender. Title is NOT transferred when the mortgage is recorded. If it was, there would be no purpose whatsoever for the owner to make mortgage payments.
However, you or the family would need to be able to pay off the RM entirely in order to discharge it completely.
And if you or your father did want to do this, you/he should hire a transactional attorney with experience in RMs, to ensure that it is entirely discharged and the title becomes free and clear of that obligation.
Yes. You are exactly right. Dave Ramsey, the financial guru will gladly give you his diatribe against reverse mortgages on youtube as well. It isn't a very wise loan. BUT, if you are a senior who is somewhat cash strapped for the lifestyle you lead and you do not care if you leave your home to someone,but do wish to stay in your home, it can work, financially unwise tho it might be. It worked very well for my Partner's mother. She had her monthly income, not enough to stay in her home, hire in some care for herself and have groceries delivered and etc. Her reverse mortgage gave her enough that she was able to stay in her home and pass in her home. It worked well, was what she COULD do, and she was happy until the end watching the wild pigs come up to drink out of her tiny hose fed pond in the back yard. It is almost always getting good financial advice, then making the best decision you can for YOU. Not always best for your heirs and so on. But....
I have been thinking about this. I would question being willed a house with this kind of debt. Lets say the total money lent and fees are more than the house ends up being worth? Is the beneficiary responsible for the debt? Or is the RM set up that they are take a loss.
I ask because my brother inherited Moms house but didn't want the responsibility of the debt that had accumulated in taxes. We had to use a lawyer to have the house put back into the estate. When it sold all debts were satisfied.
The person who is willed the house isn’t response. A reverse mortgage is a loan. Responsibility for that loan doesn’t pass to anyone. It stays with the homeowner and the home.
Yes, father can will you the home. But the reverse mortgage money will have to be repaid to the Reverse Mortgage Co. which paid him out money monthly with the home as collateral. So it works like this. Dad gets a Reverse Mortgage on his home which pays him 200.00 a month for instance (virtually a loan) with the home as collateral. Upon Dad's death the Mortgage money is owed to the Company. If Dad got 200.00 a month for a year and then died, there is 200.00 x 12 months plus fees/interest/whatever owed to the Mortgage Co. So the home will not be inherited free and clear. When my partner's Mom died he owed the mortgage company 50.000.00 which had been paid out to his Mom. That was paid. The remainder was the money of my husband, upon sale of the home, as he was listed to inherit in the will. Go to YouTube and type in Reverse Mortgage and many will explain it in black and white. Also, do know, you shouldn't take the knowledge or advice of the forum folks, brilliant as we all are in matters of law, money, other crucial things. Please have these things explained to you by the company or by your own lawyer. In all these matters it is critical that you get it right. Wishing you luck. You can also look up "what is a reverse mortgage" on google and be certain you don't click on an ad, but on a .org organization that is there to explain it to you.
I think you overlooked the fact that the person talking about their dad who died 6 years ago, is NOT the original poster, it’s a totally different user ID.
No way out, he is using the money he received from the reverse mortgage, it is the lenders home, they are just letting him live there until he dies or goes into a AL, MC or NH.
I guess you would need to read the reverse mortgage contract. I always thought the house would be sold and Mortgage company would get what was owed and fees. If anything left over, went to the beneficiaries. Medicaid is a whole different thing. I think talking to a lawyer would be wise.
I agree, if a home cannot be afforded, it needs to be sold and downsize. Reversed mortgages maybe good for people with no families.
Nope. It’s a done deal. He has the house for life, but once he dies, or no longer lives there (goes to nursing home, for example) the bank owns it. Period. In a sense, he has already “signed over” the house—to the mortgage company. Sorry. My husband is a real estate attorney, and this is what he told me when I asked. Reverse mortgages are generally a bad idea, unless absolutely no other options exist. He might have been better off selling the house and spending down the proceeds, then applying for Medicaid. Too late now, though.
Thank you for your answer. Dad died six years ago after reversing their mortgage two years prior. In the attempt to learn more about her mortgage, Mom insists that I, as an only child, will get the house after she passes. No where have I read or anyone I’ve spoken to has confirmed this.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Based on what I read, the initial advance begins drawing interest immediately. Using a basic formula to illustrate how this works, the next month the principal balance includes the advance (A) plus the first month's interest (I no. 1). Then the next month the amount outstanding includes A, plus I no. 1 and I no. 2 - in other words, the outstanding advance, plus interest for the next two months.
Each month interest is applied on the previous month's outstanding balance, and so it goes as interest adds up and up quicker than eating a dozen chocolate bars adds weight.
If someone is in need of funds and wants to get a mortgage, a standard equity line is better. I don't see how anyone who does need money can get an RM and ever think of paying it off, unless that person anticipates winning a lottery or finding a pot of gold at the end of a rainbow.
Perhaps these egregious terms no longer apply to RMs; I don't know and would only consider getting one if I was broke and needed money desperately, such as for end of life medical care, or if I wanted to "stick it to" an RM lender, with deliberate intention to use the money, not worry about paying it back, and let the lender have the house.
Sbopie, your father would retain title to the home, SUBJECT to the interest of the reverse mortgage lender. Title is NOT transferred when the mortgage is recorded. If it was, there would be no purpose whatsoever for the owner to make mortgage payments.
However, you or the family would need to be able to pay off the RM entirely in order to discharge it completely.
And if you or your father did want to do this, you/he should hire a transactional attorney with experience in RMs, to ensure that it is entirely discharged and the title becomes free and clear of that obligation.
It is almost always getting good financial advice, then making the best decision you can for YOU. Not always best for your heirs and so on. But....
I ask because my brother inherited Moms house but didn't want the responsibility of the debt that had accumulated in taxes. We had to use a lawyer to have the house put back into the estate. When it sold all debts were satisfied.
But the reverse mortgage money will have to be repaid to the Reverse Mortgage Co. which paid him out money monthly with the home as collateral. So it works like this. Dad gets a Reverse Mortgage on his home which pays him 200.00 a month for instance (virtually a loan) with the home as collateral.
Upon Dad's death the Mortgage money is owed to the Company. If Dad got 200.00 a month for a year and then died, there is 200.00 x 12 months plus fees/interest/whatever owed to the Mortgage Co.
So the home will not be inherited free and clear.
When my partner's Mom died he owed the mortgage company 50.000.00 which had been paid out to his Mom. That was paid. The remainder was the money of my husband, upon sale of the home, as he was listed to inherit in the will.
Go to YouTube and type in Reverse Mortgage and many will explain it in black and white.
Also, do know, you shouldn't take the knowledge or advice of the forum folks, brilliant as we all are in matters of law, money, other crucial things. Please have these things explained to you by the company or by your own lawyer. In all these matters it is critical that you get it right. Wishing you luck.
You can also look up "what is a reverse mortgage" on google and be certain you don't click on an ad, but on a .org organization that is there to explain it to you.
I agree, if a home cannot be afforded, it needs to be sold and downsize. Reversed mortgages maybe good for people with no families.