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mother passed and my sister lives in the house.The house was left to me and my sister.She wants to get a reverse mort. can she?

by munchusstephen2550 from Paso Robles, California. Feb 29th 2016 Reply


Maureen Martin (MaureenMartin)
#874 ranked lender in California - 9 contributions

It depends on how old your sister is, is she over the age of 62? Also it depends on how much is currently owed on the mortgage. If there is no mortgage on the property and she is over the age of 62 and lives in the home as you mentioned, she should be eligible for an FHA loan. If it's a condo, the complex would have to be FHA approved, but if it's a single family there would be no issues there. Best of luck!Maureen Martin619-857-7191MMartin@JMJFinancial.com

Feb 29th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Much more info needed to properly answer your question.. but in general, If she is 62 or older, then yes.. she can do a reverse mortgage, and can use the proceeds to buy you out assuming there is sufficient equity.. Try contacting a local mortgage company that specializes in reverse mortgages, and let them look at her complete loan profile.. only then will you know.. 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 NMLS# 226347

Feb 29th 2016
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

You do have a situation wherein she obviously wants to remain in the houseand yet half of the house is yours. It is a sensitive situation in that you must decidewhat you wish to do. If she is over 62, you can explore how much money you could get out of equity from the house and her still being able to obtain a reverse mortgage. That way you might at least get some if not all of your share of inheritance. Once you have been able to take equity out of the home she could stay their for the duration of her life before the bank takes over the home. There are instances wherein someone's parent who held a reverse mortgage on their home passed away, and the children were able to sell the home and pay back money due the bank be it $50,000 to $150,000 and retain any remaining $$ from the sale. The older your sister is the less equity in the home required to qualify.

Feb 29th 2016
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Justin Murray (JustinMurray)
#103 ranked lender in Illinois - 172 contributions

We can help - feel free to call me. Justin Murray / JMurray@WintrustMortgage.com / (312)256-4065

Feb 29th 2016
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 517 contributions

There is a lot to consider with your question and it's complexity is such that you'd want to sit down with a local lender to discuss the ramifications involved in such an agreement. Reverse Mortgages are unique and you will want to talk with someone who specializes in this type of loan. Best of luck to you. =Mike

Mar 1st 2016
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

The reverse mortgage loan have a age guide line of 62. If that is not meet you can look into a conventional or FHA loan.

Mar 8th 2016
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