What is a Reverse Mortgage?

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Ok, so my Grandpa and I 50/50 are on the deed to our home. We have a high loan out, and a pretty decent size mortgage each month. We now have a lien on our house due to some misfortunes we've had. Any ideas of what we can do to help our situation?

What is a Reverse Mortgage?

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in your home.

What is a Reverse Mortgage?

A reverse Mortgage will not help you in this situation.

A Reverse Mortgage is used to give a monthly income

to you based on your giving up the deed to your house

and the equity pays the monthly income. This is solely for people who's house if paid for or nearly paid for.- and I would think a clear title -which you do not have.

Given the state of mortgages right now you could try to refinance at a lower rate and roll the amount of the lien into it and get that off the deed.

You could sell the house but given the market conditions it may not be enough to pay off the house and the lien.

I don;t know of any viable solution other than refinancing -- if that is even remotely possible.

Oh one other if you are able bodied you could work a second job to get more income.

What is a Reverse Mortgage?

it's not good

What is a Reverse Mortgage?

reverse mortgages are one of the biggest problem products in banking industry.

high in fees against you

high in exception clause against u

granpa is old enough to apply But u may not be.

sounds like time for u both to consider selling, refinancing or getting 2 more pt/tm jobs.

sorry not many real options.

What is a Reverse Mortgage?

Reverse mortgages can be a useful way for older people to access equity on their homes but the products have significant risks - great for cash poor but asset rich retirees who want to live out life in their homes with a modest income.

I don't think it would be the solution you'd be looking for; researching a refinance would be the best option.



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