In addition, a reverse mortgage isn’t a particularly attractive loan. Not only is the interest rate 1-2% higher than a typical mortgage, but you can’t even deduct the interest. You see, the IRS rules are that you can only deduct interest you actually pay. Reverse mortgage interest isn’t paid until the home is sold.
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So, the shocking truth about reverse mortgage with condominiums is that even though you may not owe anything on your unit and you may meet the age requirements, the project may prevent you from being able to get a reverse mortgage.
A reverse mortgage will lower your home equity and affect your estate. If you don’t want to reduce your hears inheritance, you may not want a reverse mortgage. You can still leave your home to your heirs, but they’ll have to refinance or pay off the reverse mortgage, or sell the home if it’s worth more than the amount owed.
But whether it’s through a reverse mortgage credit line or a simple lump sum, it can be helpful to have another source of money to draw upon, some planners say. Dennis Nolte, vice president and.
Many years ago, some of the biggest banks in the nation offered reverse mortgages. Among them, Wells Fargo was one of the largest lenders in the U.S. Home Equity Conversion Mortgage (HECM) market.Today that is no longer the case. Wells Fargo was at one time the largest reverse mortgage lender in the country.
If you owe more than what you can sell for, you may have trouble paying for the sale. Unless you have some other source of money, like savings, to cover the costs of the sale, it may not be possible to sell the home. Your last alternative could be what is known as a reverse mortgage short sale.
Florida Reverse Mortgages. Floridians are increasingly turning to Reverse Mortgages to help them stay in their homes during retirement. The number of HECM reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, Liberty Home Equity Solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover.
https://mattweidnerlaw.com Weidner Law was featured on WFLA channel 8 news. Sandra Proulx was sued by Bank of America for her parents’ reverse mortgage.
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