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I have been drawing on my reverse mortgage for home improvements. Now I have$50000 in inheritance. I want to put it back.

by carla_gjertsen374 from , California. Apr 6th 2017 Reply


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Apr 6th 2017
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Maria Isaza (mariatisaza@gmail.com)
#1405 ranked lender in California - 1 contribution

There shouldn't be a penalty to put it back. Just be sure there are no more improvements you need to make and remember having an emergency fund is also very important.

Apr 6th 2017
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It's no recommended to repay your reverse mortgage unless you are planning to sell in the near future, I recommend that you keep your savings for emergencies or to pay Your real estate taxes and insurance

Apr 6th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Talk to any financial planner and they will all say Cash is King!!! and reverse mortgages are not the ideal place to store those funds.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 7th 2017
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Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 516 contributions

There is no pre-pay penalty when submitting money back into the reverse mortgage balance. When you pay any money into the reverse mortgage balance, the funds go towards the mortgage interest and accrued interest amounts. Then if the mortgage interest and accrued interest amounts have been paid, the servicer will then apply any money paid in to the principal balance. What is your main reason for wanting to pay back the reverse mortgage balance? How much longer do you plan to stay in the home? Talking with more than one financial planner can provide you some very helpful information. You need to make sure the taxes and insurance will be covered as long as you live In the home. Also keep some of the funds to help maintain the home for emergency repairs.

Apr 13th 2017
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