How much is a reverse mortgages if the house appraisal was 250k?
Dr. C∂ƒƒee £ips :} asked:
My mom is doing that to my grandmom’s house just to get her money :[
I think she’s lying about how much money she’s going to get back so she has to give my grandma less.
So how does the reverse mortgage work? and how much money would my mom get back?
Caffeinated Content
My mom is doing that to my grandmom’s house just to get her money :[
I think she’s lying about how much money she’s going to get back so she has to give my grandma less.
So how does the reverse mortgage work? and how much money would my mom get back?
Caffeinated Content
February 9th, 2010 at 2:05 pm
Kansieo.com
Appraisal minus how much is owed
February 10th, 2010 at 10:36 pm
Reverse Mortgages
A reverse mortgage works like this…
your house is worth 250K
but you owe 100K
equity 150k
the reverse mortgage people will offer to give you 150k in equal payments over the next several years for example if your granmom is 60 and they assume she will live to be 80 then they will spread the payments over the next 20 years or about $625.00 per month over the next 20 years.
That is basically how it works. Price and interest very from company to company.
February 14th, 2010 at 6:11 am
Reverse Mortgages
If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan. This is the perfect way for you to get a reverse mortgageagencies that sell reverse mortgage wholesale lender accounts. These agencies are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account.