I would just like to say for those who might not know that subscribing to TH-cam channels are free to you and it only helps support the channel and give you more of it. I have found that a lot of people don’t know that it’s no cost. But… what I really need to say is I actually called that number and got her live! Which totally surprised me. She’s very committed to her company and she’s very professional. Unfortunately I do not live in the state that she can help me. But I will tell you she took so much time to just talk to me and give me some very solid advice even recommending places in my town. She is totally worth subscribing and listening to what she has to say. It’s the best advice ever. And she puts it in such simple words. Thank you so much for helping me. God bless.
Wow I am really learning from you. I love those simplicity that you put it all out there. I feel a lot more confident should I apply for one. Thank you
I have an Aunt that has a reverse mortgage and she has not insured the house since the pandemic also she has not paid the school taxes or property taxes the last two years. She doesn't live in the house either, she lives in a garage apt across the street. Her son and his family have taken over and really doesn't keep maintence up. She has no worries as she hears nothing from the reverse mortgage but she does sign the occupancy report every year. I have some experience with a rev mortgage as my mother (her sister) had one and while my mother still lives in the house, my brother, myself and my sister paid off the reverse mortgage last year. My mother keeps warning her that they could foreclose on the house but my aunt hasn't heard a peep from the mortgage company. Why? We always were told the Home owners Insurance and all taxes are the homeowner's responsibility. But I guess some people get away with things.
Unfortunately, it's only a matter of time before the lender forecloses. As far as the occupancy, if she is signing those letters then the lender is probably still under the impression she occupies the residence. However, they probably have been paying her property taxes on her behalf and have force placed insurance on the property. So, they know she has not paid because they are paying. More than likely, the foreclosure moratoriums that went on during covid, bought her some additional time, but if she doesn't try to get back on track and back in the home, the lender will surely be foreclosing soon.
I’m helping out my senior relatives and your informative and concise video is tremendously helpful. I’ll sleep better tonight. And my relatives will be in a better position in the days ahead. Thank you so so much!!
You covered the basic reasons for default. Now what happens if you keep paying all the taxes and ins., have taken all the credit line and the debit line is greater than the selling price of the house?....and you want to continue living in the home?
Great question! As long as you continue with your obligations (paying taxes, insurance, etc.), no matter what, you can remain in the home, in the reverse mortgage, with no required payments. Even if you have exhausted all of the credit line and you owe more on the mortgage than the home is worth. Hope that helps!
@@reversemortgageeducation Yes it does. We never tapped the credit line. I entered the RM to provide a permanent Pension for my spouse, since my pension dies with me and she is younger. Thus far, the home will always be worth more than the Credit line. If not it may be advisable to take the entire credit line tax free.
what if after signing loan time goes by ,say 6 months and Stuck living in continual nurse home facility, for rest of life, and they only borrowed 40% of value & only placed 16% in LESA
Hi there. The borrower will have up to 1 year, if they need to go into a facility for physical or mental needs, before the lender can call the loan due. At that time, whatever is owed on the loan, will need to be repaid. And whatever equity is left, will remain the borrowers. The amount owed is only funds that have been used. So, if any money is left in a line of credit and any money left in the LESA, would not be part of the repayment as it was not used yet. I hope that makes sense.
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I would just like to say for those who might not know that subscribing to TH-cam channels are free to you and it only helps support the channel and give you more of it. I have found that a lot of people don’t know that it’s no cost. But…
what I really need to say is I actually called that number and got her live! Which totally surprised me. She’s very committed to her company and she’s very professional. Unfortunately I do not live in the state that she can help me. But I will tell you she took so much time to just talk to me and give me some very solid advice even recommending places in my town. She is totally worth subscribing and listening to what she has to say. It’s the best advice ever. And she puts it in such simple words. Thank you so much for helping me. God bless.
My pleasure Rickelle! It was great chatting with you and glad I could help! Thanks so much for the positive feedback. :-)
Wow I am really learning from you. I love those simplicity that you put it all out there. I feel a lot more confident should I apply for one. Thank you
Glad to hear Rickelle! Appreciate the feedback! Thanks again.
I have an Aunt that has a reverse mortgage and she has not insured the house since the pandemic also she has not paid the school taxes or property taxes the last two years. She doesn't live in the house either, she lives in a garage apt across the street. Her son and his family have taken over and really doesn't keep maintence up. She has no worries as she hears nothing from the reverse mortgage but she does sign the occupancy report every year. I have some experience with a rev mortgage as my mother (her sister) had one and while my mother still lives in the house, my brother, myself and my sister paid off the reverse mortgage last year. My mother keeps warning her that they could foreclose on the house but my aunt hasn't heard a peep from the mortgage company. Why? We always were told the Home owners Insurance and all taxes are the homeowner's responsibility. But I guess some people get away with things.
Unfortunately, it's only a matter of time before the lender forecloses. As far as the occupancy, if she is signing those letters then the lender is probably still under the impression she occupies the residence. However, they probably have been paying her property taxes on her behalf and have force placed insurance on the property. So, they know she has not paid because they are paying. More than likely, the foreclosure moratoriums that went on during covid, bought her some additional time, but if she doesn't try to get back on track and back in the home, the lender will surely be foreclosing soon.
I’m helping out my senior relatives and your informative and concise video is tremendously helpful. I’ll sleep better tonight. And my relatives will be in a better position in the days ahead.
Thank you so so much!!
My pleasure! That is so wonderful to hear! Very much appreciate that feedback and am happy to have helped. :-)
You covered the basic reasons for default. Now what happens if you keep paying all the taxes and ins., have taken all the credit line and the debit line is greater than the selling price of the house?....and you want to continue living in the home?
Great question! As long as you continue with your obligations (paying taxes, insurance, etc.), no matter what, you can remain in the home, in the reverse mortgage, with no required payments. Even if you have exhausted all of the credit line and you owe more on the mortgage than the home is worth. Hope that helps!
@@reversemortgageeducation Yes it does. We never tapped the credit line. I entered the RM to provide a permanent Pension for my spouse, since my pension dies with me and she is younger. Thus far, the home will always be worth more than the Credit line. If not it may be advisable to take the entire credit line tax free.
That's great and makes perfect sense! Very much appreciate you sharing a bit of your story and reasoning behind why you decided to get a RM.
Beautifully explained ❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤
Thank you so much!
what if after signing loan time goes by ,say 6 months and Stuck living in continual nurse home facility, for rest of life, and they only borrowed 40% of value & only placed 16% in LESA
Hi there. The borrower will have up to 1 year, if they need to go into a facility for physical or mental needs, before the lender can call the loan due. At that time, whatever is owed on the loan, will need to be repaid. And whatever equity is left, will remain the borrowers. The amount owed is only funds that have been used. So, if any money is left in a line of credit and any money left in the LESA, would not be part of the repayment as it was not used yet. I hope that makes sense.