MOM reverse mortgage …?

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In 2007, my mother has refinanced the house and she locked me in the mortgage as a co-borrower. I also signed a paper that I mentioned in the deed of the house. A few days ago, I spoke to my own mother bcoz place and the woman can not cope with another. She raised it will have a reverse mortgage, after we move so I do not pay for 2mortgage (old house and new). Not that I’m against it, I’m not interested in the property or money. My only concern is that my name will take effect “, since I’m on the loan and share together. If possible, I do not want a problem later, especially now that I have with my own family. I’m not familiar with this mortgage. Sometimes it’s just things that you say it and remember that without the effect of the suite. My questions are: 1) I am under my name on the loan and so think before you act Mama to the reverse mortgage. But I can not refinance the house bcoz of capital, and I even refinance or loan modification, without my name, Mama can not enjoy bcoz they are not financially stable. The mortgage is $ 250,000, the current loan amount $ 242,000, and the house is probably worth between $ 180,000 – $ 220,000. What I do, as I will do? 2) Can reverse mortgage they even have my name on the mortgage and deeds? Without home equity, how can it have reverse mortgage loan? 3) What would you suggest the best thing to do? Thanks in advance.


1 Comment
  1. Reply
    May 19, 2011 at 11:28 am

    You have to have equity in a home in order to get a reverse mortgage, and it would not be for the full amount of the equity. So if the home value is less than current loan balance, it would be impossible for her to get a reverse mortgage since it currently has no equity to borrow.

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