Forgotten Your Password?

Need to Register?

Question Icon

Hi, Stevie, we are thinking about repaying our reverse mortgage. Who can I ask to help us thru the paperwork?

by dianalpc46250 from , California. Dec 8th 2014 Reply


Steven Karp (stevek81)
#29 ranked lender in Massachusetts - 120 contributions

Hi Diana, I would first ask your accountant if you use one to get his/her opinion on this matter, if not, I would seek an attorney who is familiar with Reverse Mortgages, These mortgages are not cut and dry like conventional lending. They are quite complicated in fact.

Dec 9th 2014
1
0
Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Steven has given you some good advice. Follow his lead.

Dec 9th 2014
1
0
Stevie Duffin (stevielutgen)
#0 ranked lender in California - 863 contributions

Thanks for reaching out, Diana. It looks like two of our top guys, Steven and Jericho have given you some good feedback. However if you have other questions for Lender411 staff do not hesitate to email me! stevie@lender411.com.

Dec 9th 2014
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Paying off a mortgage, regardless of whether it's a reverse mortgage or any type of conforming loan product, just requires a payoff statement request, which can be done with a simple phone call to your lender.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 9th 2014
1
0
Sara Deere (SARAinMO)
#39 ranked lender in Kansas - 486 contributions

Contact the servicer for your current reverse mortgage for the most accurate pay off amount. The servicer will also help you through all the paperwork, because they process this request on a regular basis. One can also at anytime pay off just a portion and keep the account open. Just in case you need to tap into the money in the future, especially if you originally had a line of credit program. There is no pre-pay penalty.

Dec 9th 2014
0
0
Subscribe to our news feed.