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In the state of Illnois if you are applying for a reverse mortgage and you have previous in a adjustable rate mortgage can rate be fixed if my children wanted rebuy the property at fixed rate ?

Type the details of your question here by simply_788_639 from Evanston, Illinois. Sep 14th 2011 Reply


Carlos Alers (CarlosAlers)
#41 ranked lender in Illinois - 12 contributions

Sure it can. Call me later on today and I can set it up to make sure that happens: 815-690-8000. My name is Carlos Alers, I'm the Branch Manager for Open Mortgage in Schaumburg. your answer here

Sep 14th 2011
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Jeff Thirey (jthirey)
#49 ranked lender in Illinois - 4 contributions

Hi, Yes, you certainly can. With any reverse mortgage, exsisting mortgages must be paid off. The pay off funds are subracted from the available reverse funds. There are several options to receive monies from your reverse and taking the exisisting pay off into consideration should help you choose what kind of reverse loan and how to receive the funds. Please contact me personally with any other questions. Regards, Jeff ThireySr. Loan OfficerGreat Mortgage/ DM Financial630.262.0401 630.253.9915

Sep 14th 2011
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James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

The home loan that your children would apply for has nothing to do with the reverse mortgage that you are applying. Make sure that you speak with an estate planner to help guide you and your children through the process and the tax consequences.

Sep 15th 2011
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