I just wanted to know if there was a way to reverse a reverse mortgage.
It is in the talks that I may acquire my grandmas property (10 Acres) and she would live with us until her time passes.
We are in discussion that she is going to possibly change her will so it will be set up that we either get the house outright or we will be in a "rent to own" type of situation.
Its not set in stone, but we are in serious discussion with my grandma about it.
Pay the bank back and it's reversed.
I assume from your post that grandma has a reverse mortgage. I would think that as long as she lives there she would still get her monthly check.. Once she passes, the property belongs to the mortgage company.and you would have to purchase the property from the them. If a deal can be made, great.
Yes she has a reverse mortgage.
I want to reverse it before it becomes a full mortgage. I don't think it's easy as starting to pay the bank back. I don't even know if you can do that.
Refi, it's as simple as that.
talk to the bank.. they might even set you up with a decent deal. Best to talk to the horse, so to say.
mad_machine wrote:talk to the bank.. they might even set you up with a decent deal. Best to talk to the horse, so to say.
"The bank" doesn't own the loan so there is no horse to talk to. Go to the best lender for the loan type you will be seeking and you.
Normally it's just a lien against the property as payment for the loan. Pay off the lien and you're released.
The contract and the lien itself may contain 1001 conditions and fees for the payoff.
Remember though, the bank doesn't want the house, they want the money. Money they hope to get from selling the property someday later in the future. They'll take money now, if it's profitable for them.
