What arand e some reputable reverse mortgage companies?

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My great grandmother is 80 and has quite a bit of credit card and medical debt but not much income. She owns her house outright, and compared to other options, a reverse mortgage seems to be the best option. It would make her life a lot less stressful. She realizes that if it isn’t paid back, her children won’t inherit the house. Anyways, what are some reputable reverse mortgage companies? How long should it take to process loan requests? How long (from the time of the intitial request) does it take to sign on the dotted line and get the money? She gets tired of creditors calling all the time not understanding that there is no money to give them.

2 Comments
  1. Reply
    Aurelia V
    May 16, 2011 at 5:32 am

    here’s a site i can highly recommend for you. give it a shot!

  2. Reply
    ReverseMortgageSpecialist.com
    May 16, 2011 at 6:28 am

    Nick,
    As long as your great grandmother can access enough equity, not only will she be able to payoff her debts, but she also may be able to set up a monthly income stream for the rest of her life, and /or a line of credit that will have a growth factor that she could access at anytime for any need. As far as paying back the Reverse Mortgage, there are no monthly payments, and the Reverse Mortgage becomes due when one of the following happens, 1, she sells the house, 2, the home is no longer is her primary residence, meaning that if she were to be out of the house for a consecutive 365 days(1 year) the home is no longer considered by the lender to be her primary residence, and 3, when she passes away. Any equity left after paying back the Reverse Mortgage is hers to keep, or in the event she passes away the equity goes to the estate. Her children can inherit the house, all the bank cares about is that the Reverse Mortgage is paid back. Lets say the house is worth $ 200K and the amount owed on the Reverse Mortgage is $ 100k, her family can get a $ 100k mortgage to payoff the Reverse Mortgage and thus retain ownership of the home.
    Nick, from the time a Reverse Mortgage application is signed, to the time you receive the funds can be between 3-5 weeks. There is mandatory 3rd party counseling(30-45 minute phone call with a HUD approved Reverse Mortgage Counselor),appraisal, loan processing, and the closing. You also have 3 days after the final paperwork is signed to change your mind and cancel the transaction.
    I work for one of the top 5 Reverse Mortgage Lenders in the country, and would be able to assist you. More than working with a reputable company, you want to make sure you deal with a reputable person, for instance there a 3 different Home Equity Reverse Mortgages (HECM) known as HECM 150, HECM 125 and HECM 100. You only want to talk about the HECM 100 as it is the lowest interest rate and will allow for the most access to equity. With a higher value home typically over $ 600K there are Jumbo Reverse Mortgages which may or may not be more suitable to your needs. Both the HECM 100 and the Jumbo products can be done with either a variable rate or fixed rate, and depending on the what the needs are will determine which is best. If you have any other questions feel free to e-mail me, and check out my website for more info.

    Stephen
    Reverse MortgageSpecialist.com

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