Home Buying in 92210>Question Details

Jean Connolly, Other/Just Looking in

Are costs more with Reverse Mortgage Purchase for Senior in CA?

Asked by Jean Connolly, Thu May 22, 2008

Help the community by answering this question:

Answers

3
You won't believe this, the lenders have a "built in" rebate of $6000 on 99% of the reverses in the market - if they are charging on the front, that is just additional fee - but you do have to pay for the appraisal upfront.

Good Luck, and don't use a reverse if the senior is going to leave the house to their heirs, the heirs will have to pay in full (the amount of the reverse plus all fees and deferred interest payments over the term of the loan) upon disposition.

Soila Thompson
1 vote Thank Flag Link Thu Aug 23, 2012
The heirs will have to pay in full (the amount of the reverse plus all fees and deferred interest payments over the term of the loan) upon disposition. - THAT is a MAJOR consideration - Pay in Full. And there very few options ( besides a private lender ) that can loan on a property with no title seasoning (after inheritance).
Flag Fri Aug 24, 2012
typically no more than other states

you will only get about 2/3 of the equity out in the first place if you seek a lump sum, keep that in mind

for more info read my 5 part blog
0 votes Thank Flag Link Thu Oct 14, 2010
Hello,
A reverse mortgage purchase can involve additional costs, but these fees, which are regulated, can be added to the principal balance, so that there will be no out-of-pocket expenses, other than the down payment. If you are 62 years old, for instance, you can purchase a $250K property, putting only $125K down (50%), and make no payments, ever, for life. The typical qualifications, such as credit score and income are not at all used to qualify. I work with several lenders that are available by phone to consult with you regarding your particular scenario.

I will be happy to email you the January publication of Quick Facts, a compilation of articles pertaining to aging, longevity, and the mature market prepared by the Mature Market Institute. The link at the bottom of each subject takes you to the complete article. You may choose to share some of these articles with your friends and family members as well. Hopefully, the articles bring some clarity to your current quest for answers...
0 votes Thank Flag Link Sat Jan 30, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer