if you quit claim your house can you still take a reverse mortgage?
106200
you must be on title to do a Reverse Mortgage.  Also, only those on the Reverse may be on title while it is in place.\n\nReverse Mortgages are great options for those with small fixed incomes and equity in their homes.  The borrower can access the equity, never make a payment as long as they live in the home, and maintain full title to the home.\n\nBefore Reverse Mortgages, one would have to sell a home to use the equity without payment - but then they had to buy another home.\n\nUpon the borrower's passing the loan must be settled.  heirs generally have 3 months to decide on a plan, but can get extensions depeding on circumstances.  Sale of the home or refinance are the most common ways to pay off the loan (just like a regualar mortgage) and the remaining equity goes to the estate or heirs etc.
1085359
A reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.\nMany of the same costs that someone pays to obtain a home purchase loan, or to refinance their existing mortgage, apply to reverse mortgages too. You can expect to be charged an origination fee, up-front mortgage insurance premium (for the FHA Home Equity Conversion Mortgage or HECM), an appraisal fee, and certain other standard closing costs.\n\nIn most cases, these fees and costs are capped and may be financed as part of the reverse mortgage. Below is a more in-depth explanation of each type of fee. \n\n\nOrigination Fee\nThe origination fee covers a lender's operating expenses—including office overhead, marketing costs, etc.—for making the reverse mortgage. \n\n\nUnder the HECM program, which accounts for 90 percent of all reverse mortgages made in the U.S., the origination fee is equal to the greater of $2,000 or 2 percent of the maximum claim amount (i.e., county FHA loan limit). Currently, the FHA loan limit varies from a low of $200,160 (for rural areas) to a high of $362,790 (for high-cost metropolitan areas). Therefore, the 2 percent origination fee generally ranges between $4,003 (2 percent of $200,160) and $7,256 (2 percent of $362,790). \n\nHome Keeper borrowers are charged an origination fee that may not exceed 2 percent of the value of the home. With either product, the entire amount of the origination fee may be financed as part of the mortgage. \n\nMortgage Insurance Premium\nUnder the HECM program, borrowers are charged a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the loan balance.\n\nThe MIP guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid. \n\nAppraisal Fee\nAn appraiser is responsible for assigning a current market value to your home. Appraisal fees generally range between $300-$400. \n\nIn addition to placing a value on the home, an appraiser must also make sure there are no major structural defects, such as a bad foundation, leaky roof, or termite damage. Federal regulations mandate that your home be structurally sound, and comply with all home safety codes, in order for the reverse mortgage to be made.\n\nIf the appraiser uncovers property defects, you must hire a contractor to complete the repairs. Once the repairs are completed, the same appraiser is paid for a second visit to make sure the repairs have been completed. The cost of the repairs may be financed in the loan and completed after the reverse mortgage is made. Appraisers generally charge $50-$75 dollars for the follow-up examination. \n\nClosing Costs\nOther closing costs that are commonly charged to a reverse mortgage borrower, include: \n\nCredit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20 \nFlood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20 \nEscrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450 \nDocument preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150 \nRecording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100 \nCourier fee. Covers the cost of any overnight mailing of documents between the lender and the title
1127180
Only a lawyer who can review your mortgage can tell you your rights, which depends on the state you live and the documents you signed when you got the loan.  \n\nHowever, some lenders have programs where if you volunteer to leave the house without contesting it in court, they may actually pay you a small amount of money.\n\nThe concept is they get back the property in reasonably good shape, save a little in legal fees, and end the process quickly, which minimizes their loss.  You get a small amount of money which you can use to get your belongings and self out and start over.\n\nOther options include: \n\nGet a real estate broker to give you a "BPO", which is basically their opinion on the value of your home.  If the value is higher than what you owe the bank, sell it quick!  You can avoid a damaging foreclosure on your credit record and even get to keep the profit earned by selling it for more than you owe.\n\nRefinance with a subprime lender who specializes in foreclosure bailouts.  You'll need a reasonably low loan to value (the amount you want to borrow versus the amount the property is worth) to qualify for these programs at a reasonable interest.\n\nTalk to your family and friends.  Talk to your church or religious leaders.  They may be willing to pitch in to keep you in the house if the problem that forced you into foreclosure (such as a temporary loss of job, medical expenses, etc.) is over.\n\nConsider renting the house out to other people, find a cheap apartment, and use the rental income plus the amount you save each month by living in a cheaper apartment to pay your house's mortgage until you get things straight.  Then you can eventually give up the apartment and ask the tenants to leave, and move back in.\n\nAsk for forbearance/workout plan.  Some lenders may lower or eliminate payments for several months and put off a foreclosure if you can provide a reasonable reason why you deserve it, and you can demonstrate the ability to get caught up soon.  If you break the forbearance plan, its over....  That is probably the last bit of good will the mortgage company will offer.
129002
If you are both on the title and the note, then you are either going to have to do one of these things. \n\nIf one person wants the house and the other person does not care about the equity in it, then the person who is giving up the house needs to sign a quit claim deed with a title company, and then the person who wants the house has to refinance it to get the other person off the note. The lenders will not just let one person take over the whole note because most loans are not assumable, and you were probably qualified by using both of your incomes and credit. \n\nIf one Person wants the house and the other does not, but the person not wanting the house wants their equity out of it, then the person wanting the house needs to buy out the other person. You would do the same thing as I mentioned before, except you would take the appraised value of the house now, subtract what is owed on the home, and divide by two to determine each persons equity. Then the person being bought out has the option of taking their equity out of the cash back from the refinance, or they can attach a lein on the house for the amount of equity they are owed. If they attach a lein, then before the house can be sold, or refinanced again the lein has to be satisfied. The problem with doing a lein is that if the property goes down in value, or gets foreclosed upon, your priority is second, and you might not ever get your money.
1087328
THIS IS NOT LEGAL ADVISE, I AM NOT AN ATTORNEY!!  (I just used to work at a Title & Escrow company) Should you be concerned over changing the vesting of your property please see a licensed Real Estate Attorney or hire a Title Company to handle your transaction:  that being said----\nFirst u need to make sure that if there is a Deed of Trust (Loan) on the property that you can do a Quit Claim Deed.  A Quit Claim is a legal binding Vesting Deed, it in itself will show Legal Vesting for all related Title Searches.  Make sure it has the correct Legal Description, That the grantor is the person removing themself from title and that it has been signed in front of a notory, then take it to either a local title company and ask them to record it for you, or take it to your counties auditors office.  There is a charge for this
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
1124825
You should keep your current home.  The continued payment history will help show potential lenders that you have re-established good payment habits.  Plus, if you sell and don't roll the proceeds into a new house within a reasonable time, you could be liable for capital gains tax on the sale.
887430
financially how?  you get one move back to your home of Record paid for.  anything else will depend on your RE code.  if you get an OTH or BCD, you lose everything.. no GI Bill, no Va bennies.  If its a GUH, you might get to keep them.  \n\nmedical ends the minute you are discharged.
140311
It may be possible to do it yourself if you're just trying to put a 2nd on, leaving the property in your name [and ultimate responsibility for the current loan], but you're playing with fire regardless. If you're in a 'deed of trust' state [rather than a 'mortgage' state], you should definitely contact an atty. Basically you would need a security instrument [either a mortgage note or deed of trust] and a promissory note [the repayment terms]. You'll need a warranty deed to convey the property if you're truly selling it--the title company may be able to help with the deed. Often, these forms can be obtained at 'old time' office supply stores, but completing them correctly is something else. However, your current mortgage probably has a 'due on sale' clause if you're doing a complete sale, which means that when ownership is transferred, the lender expects to be paid in full. The accounting [the payment split between principal and interest] changes with each payment, so it could be an accounting nightmare if mishandled. So you can see, there are a lot of technicalities here. I haven't even gotten into 'title work,' which the buyer may rightly be expecting, IF you're doing a real sale. You might want to consider a lease-option, which leaves you in ownership while the buyer makes monthly payments to you [and adding to the downpayment over time].
628747
yes it is possible. if your credit score is above 525 and the Mortgage now has a zero Balance you can optain a new mortgage
1048211
I am not an attorney, but can give you some things to think about. \nYour half of the value can go up or down, depending on market value.  How much total is he giving you as your part.  It should be 1/2 of the value (equity) left after the loan is paid,when you got your divorce. When you quitclaim, you are saying you no longer have an interest on the house.  Are you sure he would agree to put you back on the house.\n\nIf he refinances, he is using up your equity.  If the house gets sold, there will be a bigger loan to pay off.  There may or may not be any money left after the loan is paid off.\n\nHope I didn't confuse you. I really suggest you consult an attorney who will look out for your rights.
1027399
There are a few avenues. Some investment clubs have investors looking for "throw away" manufactureds. Also some states have charities needing these homes for various community services. You may want to contact your state as this can lead to a nice tax deduction.
749369
This is from an article at http://www.reversemortgagepage.com...\nAm I comfortable with the disadvantages of a Reverse Mortgage?\nThis is perhaps the most important question you must ask yourself.  You first must know the disadvantages of a reverse mortgage.  In a home equity mortgage the borrower pays down the debt over a set term, usually 30 years.  Yet, in a reverse mortgage, the borrower builds up debt while they live in the home.  \nIn addition to building up debt, there can be significant up front costs when brokering a reverse mortgage.  If you plan on only taking out a small portion of money or plan on living in your home for only a short time then these costs can push the effective rate on the home up considerably.  \nThe last significant disadvantage of a reverse mortgage is that you leave your heirs with a noticeably smaller legacy.  While this is uncomfortable to discuss, it is something that needs to be discussed by you and your heirs.  When you take out a reverse mortgage, you will have less equity in the home and likewise, the heirs will have a smaller portion of the home’s value.  Also, the longer you live in the home, the more interest builds up, which further lessens the equity you have in the home.\n\nThe answer, I think, is that reverse mortgages do have up-front fees, but are still a good idea in the right situation.
1147747
YES\n\nA reverse mortgage is a special type of loan used by older Americans to convert the equity in their homes into cash. The money from a reverse mortgage can provide seniors with the financial security they need to fully enjoy their retirement years.\nMany of the same costs that someone pays to obtain a home purchase loan, or to refinance their existing mortgage, apply to reverse mortgages too. You can expect to be charged an origination fee, up-front mortgage insurance premium (for the FHA Home Equity Conversion Mortgage or HECM), an appraisal fee, and certain other standard closing costs.\n\nIn most cases, these fees and costs are capped and may be financed as part of the reverse mortgage. Below is a more in-depth explanation of each type of fee. \n\n\nOrigination Fee\nThe origination fee covers a lender's operating expenses—including office overhead, marketing costs, etc.—for making the reverse mortgage. \n\n\nUnder the HECM program, which accounts for 90 percent of all reverse mortgages made in the U.S., the origination fee is equal to the greater of $2,000 or 2 percent of the maximum claim amount (i.e., county FHA loan limit). Currently, the FHA loan limit varies from a low of $200,160 (for rural areas) to a high of $362,790 (for high-cost metropolitan areas). Therefore, the 2 percent origination fee generally ranges between $4,003 (2 percent of $200,160) and $7,256 (2 percent of $362,790). \n\nHome Keeper borrowers are charged an origination fee that may not exceed 2 percent of the value of the home. With either product, the entire amount of the origination fee may be financed as part of the mortgage. \n\nMortgage Insurance Premium\nUnder the HECM program, borrowers are charged a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the loan balance.\n\nThe MIP guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid. \n\nAppraisal Fee\nAn appraiser is responsible for assigning a current market value to your home. Appraisal fees generally range between $300-$400. \n\nIn addition to placing a value on the home, an appraiser must also make sure there are no major structural defects, such as a bad foundation, leaky roof, or termite damage. Federal regulations mandate that your home be structurally sound, and comply with all home safety codes, in order for the reverse mortgage to be made.\n\nIf the appraiser uncovers property defects, you must hire a contractor to complete the repairs. Once the repairs are completed, the same appraiser is paid for a second visit to make sure the repairs have been completed. The cost of the repairs may be financed in the loan and completed after the reverse mortgage is made. Appraisers generally charge $50-$75 dollars for the follow-up examination. \n\nClosing Costs\nOther closing costs that are commonly charged to a reverse mortgage borrower, include: \n\nCredit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20 \nFlood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20 \nEscrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450 \nDocument preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150 \nRecording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100 \nCourier fee. Covers the cost of any overnight mailing of documents between the lender and th
1073728
Before removing your self from mortgage, why did you leave the property?\nGo to a lawyer and take his advise pronto.
914771
Yes, there are investors who do real estate transactions like this on a daily basis.  It can be a great option for someone in your position to stop foreclosure, save your home, and remain in possession of the property.  If you find an investor who will help you do this, you may even end up with lower monthly payments, if they qualify for a low interest rate.\n\nThe only big thing you should be worried about is investors who scam homeowners out of their homes.  While most investors are not like this, you don't want to run into one of the criminals out there.  Some of the most common investor scams are below, so if you feel like you're in any of these situations, then think about finding another investor.\n\nSigning over the title.  With this scam, you will be forced or tricked into signing over the title to your home.  A potential investor will assure you that paying them an up-front fee and signing over your home will cause the mortgage company to record the foreclosure against them, saving your credit.  This is simply not true – because the mortgage is in your name, you are responsible for paying it, and you will be the one foreclosed on.  The investor who you have given your property to has virtually no obligation to help you and will walk away with the fee you have given them.\n\nSurprise quit-claim deeds.  Sometimes, while working with an investor, you will find out that you have signed a quit-claim deed.  What this does is gives the investor all of your ownership rights in the property.  This is used most commonly when individuals want to get rid of their properties very quickly and simply give them away, usually as a gift to a close friend or family member.  In this case, though, it is used to steal your home and the equity you have built.  If the quit-claim deed is valid and recorded, you have effectively given your property to the investor.  The investor can then do whatever he pleases with the property, including selling it for more than you owe and taking the entire sale proceeds for himself.  Or, the investor may place a second lien on your property, allow it to go into foreclosure, and be entitled to a portion of the price it sells for at the sheriff sale.\n\nExpensive leaseback arrangements.  The lease-option (or leaseback) scam has come under fire by many state attorneys general recently.  In this arrangement, an investor will offer to purchase your home and allow you to lease it from them and purchase it back when you have repaired your credit.  While this may work out in the best interests of all involved, a number of criminal investors have severely taken advantage of homeowners with this scam.  They will structure the monthly payments much higher than what you can afford, and then evict you when you fall behind in payments.  Another way this scam can work is if the buyback price is higher than the original payoff of your home.  If you can not buy the property back at that price, you will be evicted.  But even if you can get a loan for the full buyback amount, the investor will walk away with all of your equity.\n\nEquity skimming.  This scam may also be called “equity stripping,” and it is usually aimed at elderly, minority, or otherwise vulnerable homeowners in foreclosure.  It may be accompanied by a lease agreement or a quit-claim deed, but always involves selling the home to the investor.  Usually the investor will promise to pay off your mortgage if you sign over your house to them.  You may be allowed to stay there as a renter, because the investor will rent the house while he is the owner of it.  However, the investor will not pay off the mortgage, will collect the rent, and let it go into foreclosure.  Then he will sell the home, take all of the equity, and you will have the foreclosure on your credit.\n\nGood luck stopping foreclosure, though.  Hopefully everything will go according to plan.\n\nForeclosureFish\nhttp://www.foreclosurefish.com/
76273
try: reversemortgage.com