Harry Lammel

Harry Lammel

Unapologetic lover of life. Award-winning family man. Typical husband and father. Music junkie. Food buff.

51 Posts Written
Can you lose your home with a reverse mortgage?

Can you lose your home with a reverse mortgage?

The answer is yes, you can lose your home with a reverse mortgage. Are you moving or selling your house.

Is a reverse mortgage good for a homeowner?

Is a reverse mortgage good for a homeowner?

Invested mortgage loans allow homeowners to convert their home's equity into cash income without having to pay a monthly...

What is the payoff amount on a reverse mortgage?

What is the payoff amount on a reverse mortgage?

The settlement statement lists all payments made during the course of the mortgage, accrued interest, and costs...

Why would you not qualify for a reverse mortgage?

Why would you not qualify for a reverse mortgage?

You must live in your home as your primary residence for the term of the reverse mortgage. Vacation homes or rental...

What is the down side of a reverse mortgage?

What is the down side of a reverse mortgage?

However, a reverse mortgage has several drawbacks, such as initial and ongoing costs, a variable interest rate, an...

How much income do you need to get a reverse mortgage?

How much income do you need to get a reverse mortgage?

A reverse mortgage doesn't require you to make monthly payments, so there are no income requirements, as with a...

What happens if you don't pay reverse mortgage?

What happens if you don't pay reverse mortgage?

Home Equity Conversion Mortgages (HECM), the most common type of reverse mortgage loan, require you to keep up with your...

What are the basic rules of a reverse mortgage?

What are the basic rules of a reverse mortgage?

You must fully own your home or have a substantial amount of capital. Disposal costs incurred in connection with the sale ...

Who is best suited for a reverse mortgage?

Who is best suited for a reverse mortgage?

Ideal Candidates for a Reverse Mortgage A homeowner has no immediate need for money and owes little or nothing for the...

How does repayment of a reverse mortgage work?

How does repayment of a reverse mortgage work?

However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don't make monthly mortgage payments. The ...

Who is responsible for paying back a reverse mortgage?

Who is responsible for paying back a reverse mortgage?

If the last surviving borrower or the eligible non-borrowing spouse who received a reversed mortgage loan dies, the debt...

Do you have to pay a reverse mortgage back?

Do you have to pay a reverse mortgage back?

Inverted home loans generally need to be repaid when you move out of the house or when you die. However, the loan may...

Do you have to pay reverse mortgage back?

Do you have to pay reverse mortgage back?

Inverted home loans generally must be repaid when you move out of the house or when you die. However, the loan may need...

Do you have to pay back reverse mortgage?

Do you have to pay back reverse mortgage?

Inverted home loans generally need to be repaid when you move out of the house or when you die. However, the loan may...

Is it a good idea to take on a reverse mortgage?

Is it a good idea to take on a reverse mortgage?

If you're concerned about your ability to cover living expenses or meet your financial obligations, a reverse mortgage...

What's the drawback on reverse mortgage?

What's the drawback on reverse mortgage?

These costs can be added to the loan balance; however, that means the borrower would have more debt and less equity. If...

What happens to the house at the end of a reverse mortgage?

What happens to the house at the end of a reverse mortgage?

Sell the house and pay the mortgage balance. Usually, borrowers or their heirs pay off the loan by selling the home and...

Who benefits from a reverse mortgage?

Who benefits from a reverse mortgage?

Reverse mortgages are ideal for retirees who don't have a lot of savings or cash investments, but do have a lot of equity ...

What is the payback on a reverse mortgage?

What is the payback on a reverse mortgage?

A reverse mortgage is different from other loan products because repayment is not achieved through a monthly mortgage...

How long can you live in your home with a reverse mortgage?

How long can you live in your home with a reverse mortgage?

The number of years a reverse mortgage lasts can vary widely and depends on your particular situation. For example, if...

Are reverse mortgages really worth it?

Are reverse mortgages really worth it?

The high costs of reverse mortgages aren't worth it for most people. It's better to sell your house and move...

Why would someone get a reverse mortgage?

Why would someone get a reverse mortgage?

If you're 62 or older and want money to pay your mortgage, supplement your income, or pay for health care expenses, you...

What is a traditional reverse mortgage?

What is a traditional reverse mortgage?

A home equity conversion mortgage (HECM), commonly known as a reverse mortgage, is a loan insured by the Federal Housing...

Can you be kicked out of your house with a reverse mortgage?

Can you be kicked out of your house with a reverse mortgage?

The answer is yes, you can lose your home with a reverse mortgage. Are you moving or selling your house.

Can you inherit a house with a reverse mortgage?

Can you inherit a house with a reverse mortgage?

When a person with a reverse mortgage dies, the heirs can inherit the home. But they won't get the title to the property...

What is the difference between a reverse mortgage and a hecm?

What is the difference between a reverse mortgage and a hecm?

Reverse mortgages are increasingly popular among older people who have equity in their homes and want to supplement their ...

Can a family member take over a reverse mortgage?

Can a family member take over a reverse mortgage?

However, unfortunately, you cannot add a family member to an existing reverse mortgage. If you have a home equity...

What is the most commonly used reverse mortgage?

What is the most commonly used reverse mortgage?

A home equity conversion mortgage (HECM), the most common type of reverse mortgage, is a special type of mortgage loan...

What type of reverse mortgage is most common?

What type of reverse mortgage is most common?

A home equity conversion mortgage (HECM), the most common type of reverse mortgage, is a special type of mortgage loan...

Can you owe money on a reverse mortgage?

Can you owe money on a reverse mortgage?

This means that you can never owe more than the value of your home the moment you or your heirs sell it to pay your...

What are the positives and negatives of a reverse mortgage?

What are the positives and negatives of a reverse mortgage?

Reverse Mortgage Benefits Help Secure Your Retirement. You can stay at home.

Who owns the house at the end of a reverse mortgage?

Who owns the house at the end of a reverse mortgage?

A reverse mortgage is a loan with increasing debt and decreasing variable capital, since you withdraw money from your...

Who is a reverse mortgage good for?

Who is a reverse mortgage good for?

A reverse mortgage is a loan for homeowners aged 62 and older who want to apply for a loan with the equity of their home...

What suze orman says about reverse mortgages?

What suze orman says about reverse mortgages?

Suze Orman, on her CNBC show, recently answered a question from a viewer stating that a reverse mortgage is a better...

Do you lose your house at the end of a reverse mortgage?

Do you lose your house at the end of a reverse mortgage?

Under the terms of a reverse mortgage, the home you are applying for a loan against must remain your primary residence...

What are the disadvantages of a reverse mortgage?

What are the disadvantages of a reverse mortgage?

If you own a property and are at least 62 years old, you can borrow from your equity to get cash or a line of credit from ...

How much money do you get from a reverse mortgage?

How much money do you get from a reverse mortgage?

The amount of money you can receive from a reverse mortgage generally ranges from 40 to 60% of the appraised value of...

Who owns the house after a reverse mortgage?

Who owns the house after a reverse mortgage?

When you apply for a reverse mortgage loan, your home title stays with you. Most reverse mortgages are conversion...

How long can you stay in your home with a reverse mortgage?

How long can you stay in your home with a reverse mortgage?

A reverse mortgage allows you to stay in your home for life even after you have exhausted your home equity. Before you or ...

What are the types of reverse mortgage?

What are the types of reverse mortgage?

It's a common misconception that reverse mortgages are best used only as a last resort. While some other financial...

Is a reverse mortgage right for everyone?

Is a reverse mortgage right for everyone?

Any borrower with a reverse mortgage must be at least 62 years old. While the new laws can protect your non-borrower...