Mortgage Info & Industry Info
 
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Date Created:
April 2, 2008
Category:
Money & Work »
Mortgages & Debt
Group Type:
Public
Owner:
RHunnicutt AARP Member
Offline
RHunnicutt
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AARP.org
Mortgage Info & Industry Info
A source for information relating to mortgage finance on "layman's" perspective. To give you straight and honest input on mortgage financing.
  Post to Topic     Print   reverse mortgage or home modification loan
http://www.aarp.org/community/groups/displayTopic.bt?groupId=2102&topicId=3864222
phoenix4 said:
on September 2, 2009 06:13 PM ET

were do I ask for help on choosing one or the other thanks.
6 posts by 4 users
phoenix4
Post #6
phoenix4 replied to allreverse's Post #5 :
on September 3, 2009 07:28 PM ET

I want to thank all of you for the info you been a big help.


allreverse
Post #5
allreverse said:
on September 3, 2009 12:54 PM ET
edited on September 3, 2009 01:00 PM ET

re: websites

I would highly recommend you find a local lender in your area by visiting www.reversemortgage.org

Those who are listed with NRMLA must adhere to a stick code of conduct. You can also find a local HUD approved reverse mortgage counselors here

If you decide the reverse mortgage is not for you, be sure not to give anyone money out of pocket for loan modification services. These modifications can be done directly with your loan servicer by contacting loss mitigation and requesting a hardship package.

There are also national modification programs for those with certain types of mortgages that where purchased by Fannie Mae and Freddie Mac - Visit http://www.makinghomeaffordable.gov

Best of luck! - Cliff

 

 

 


phoenix4
Post #4
phoenix4 replied to jcmelino's Post #3 :
on September 2, 2009 09:03 PM ET

thanks you for info.I need to fine a loan provider I well look there.


jcmelino
Post #3
jcmelino said:
on September 2, 2009 07:37 PM ET

Hello . . . I just closed on a reverse. You start by going through a "vetting" with a group approved by HUD. Go to HUD's web page and look for HECM Reverse Mortgage Counseling. That cost $125.  They provide you a certificate that allows you to go out and shop for a Loan Provider. That you will find at: http://lender.reverse-mortgage-information.org 

Hope this helps.

Joseph


phoenix4
Post #2
phoenix4 replied to Reversemortgagelady's Post #1 :
on September 2, 2009 07:04 PM ET

thanks for info if modification lower my payments my 3or4 hundred i be ok I not sure how they do that.


Reversemortgagelady
Post #1
Reversemortgagelady said:
on September 2, 2009 06:39 PM ET

A good reverse mortgage originator should be able to give some advice, you should also talk to a financial consultant such as a CPA.   

 I would ask if you do the modification, will you reasonably be able to afford the modified payments?  If the answer is no, then you are just putting off the inevitable and probably should not pursue.  

Reverse Mortgage fees are high, so before you proceed you need to decide if you plan on staying in your home for at least 5 years.  Also, if you did the reverse, you would still be responsible for taxes and insurance, will you be able to keep those current? 

If you plan on staying in your home until you die, your family does not want the home and you do not care if there are funds left for your heirs, then the reverse mortgage is a good product.   If the family wants the home, or you think you may sell and want some equity to go into assisted living, then the reverse product probably is not right for you.