By Benny Kass
Published: March 13,2013
My husband took out a reverse mortgage in 2005. I was 58 and he was 62 at the time. I had to give him a quitclaim deed, and later I was put back on the deed. We have contacted our lender and asked if I could be put on the reverse mortgage or refinance it. They said no to both. We have tried to refinance with other companies, but were told we would have to come up with at least $30,000 to do this!
By Benny Kass
Published: October 8,2012
DEAR BENNY: I have heard that both spouses do not have to be 62 or older in order to obtain a reverse mortgage. Can you advise? - Fred DEAR FRED: The most common reverse mortgage is insured by the Federal Housing Authority and is known as a Home Equity Conversion Mortgage . These are [...]
By Benny Kass
Published: August 20,2012
DEAR BENNY: My wife read to me your comment on the options of the reverse mortgage. You seem to portray the reverse mortgage generally in a good light. I would just like to point out that the standard FHA-backed reverse mortgage has a “no recourse” clause in its description. As you are most likely aware, [...]
By Benny Kass
Published: May 15,2012
DEAR BENNY: My mother has a reverse mortgage on her home, taken out after my father died when as the survivor her name alone was on the title. The usual terms of the reverse mortgage apply, including the acceleration clause upon death or removal from the home. If anyone else is added to the title [...]
By Benny Kass
Published: April 9,2012
DEAR BENNY: My mother is 75, widowed and in reasonably good health with the attendant financial issues of living on a fixed income. She lives in Michigan and I am in North Carolina. My sister, age 54, lives with her and is disabled because of multiple sclerosis. She is still functional – able to drive [...]
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