Reverse Mortgages After Death What happens to a house that has a reverse mortgage after the owner passes away? Q: I took out a reverse mortgage back in 2009. The Department of Housing and Urban Development (HUD) holds the mortgage and they have a different company that services the loan. I have approximately $100,000 in [...]
What is a reverse mortgage? And, why does a reverse mortgage hurt rather than help an elderly homeowner? Q: I was recently evicted from my home, where I lived with my mother before she died. This is due to a reverse mortgage. I am disabled and now have no home. My mother signed this loan [...]
Reverse mortgage vs. HELOCs. What happens if you do a reverse mortgage but realize it might have been a mistake? Is a reverse mortgage better than a home equity loan or line of credit? And what are some other ways to tap your home equity other than taking out a reverse mortgage? Several different fintechs [...]
How can I get out of my underwater mortgage? If my mortgage is underwater and the home is in disrepair, can I let the bank foreclose and move on? Q: I am a widow in my 70s and my mortgage is underwater. In addition, the house is in need of much repair. Can I just [...]
What happens to a house when someone dies? It depends on a number of factors like if there was money still owed on the home or a will naming an heir. Q: My husband and I refinanced my grandparents’ house because they had a reverse mortgage. My grandma had passed away and my grandpa was [...]
Is a reverse mortgage right for you? Or should you get a HELOC? Consider these factors before you commit to a reverse mortgage or HELOC. Q: My wife and her sister were given their mother’s home when she passed away. The property was mortgage-free. For the past six years, her sister has been living in [...]
Here are a few of the topics covered on this week’s WSB radio show. The economy at the end of 2014 [1:50] In the third quarter of 2014, GDP increased to an unbelievable 5 percent due in a large part to the lower gas prices that are freeing up funds for consumers. We are also [...]
If you take out a reverse mortgage and don’t use the funds available, can you use it as an investment? The answer: Yes, if you take out a reverse mortgage and you don’t use the credit immediately, it will grow over time. "The line of credit grows over time because the amount that you have [...]
Ilyce Glink Show on WSB Radio: Giving real estate and personal finance advice. On this week’s WSB radio show, Ilyce discussed what matters most when your kid gets in a car accident, how the declining gas prices will impact the economy and a unique way to stabilize your retirement portfolio with an untapped reverse mortgage. If [...]
