Reverse Mortgage Leads
- Thread starter insurpros
- Start date
- 15,041
Does anyone know how to go about finding the names, addresses, phone numbers of senior citizen homeowners that have recently purchased a reverse mortgage?
(Even where to purchase this information would also help)
If I told you, I'd have to kill you.
- 385
These reverse mortgages sound like a bad deal. Sure, the senior has some extra money to survive...but when the person passes away. The company takes the house? The beneficiaries get a bill? And what happens if that home is no longer worth what the reverse mortgage loaned? Too many what if's. Then again, maybe I just don't know enough about them....still sound sneaky.
Hi! I'm new to the forum here, and had to chime in on this subject.
Older reverse mortgages were very scary. That said the new laws have made positive changes, and the offering from FHA is quite good. FHA Reverse mortgages are non-recourse, meaning that the lender can never claim more than the house is worth. The loan does need to be paid off through a refi, sale, or cash, when grandma is finished living in the house. In the past there has been a year and a half window, before the loan came due.
Reverse mortgages require the home be kept in good repair, and that annual insurance and taxes be paid. Items that need to be covered, reverse mortgage or not.
Reverse mortgages are not for everyone, and need to be considered a tool for seniors who didn't get the job done in earlier years, and now need to supplement income, or have cash for a pressing critical need that goes beyond what their insurance and annuities can do.
As for how you can find who has them. Check with your county recorder and see if there isn't some way to filter trust deeds to show HECM's. Or check with title insurance companies and see if they can pull you a list.
Older reverse mortgages were very scary. That said the new laws have made positive changes, and the offering from FHA is quite good. FHA Reverse mortgages are non-recourse, meaning that the lender can never claim more than the house is worth. The loan does need to be paid off through a refi, sale, or cash, when grandma is finished living in the house. In the past there has been a year and a half window, before the loan came due.
Reverse mortgages require the home be kept in good repair, and that annual insurance and taxes be paid. Items that need to be covered, reverse mortgage or not.
Reverse mortgages are not for everyone, and need to be considered a tool for seniors who didn't get the job done in earlier years, and now need to supplement income, or have cash for a pressing critical need that goes beyond what their insurance and annuities can do.
As for how you can find who has them. Check with your county recorder and see if there isn't some way to filter trust deeds to show HECM's. Or check with title insurance companies and see if they can pull you a list.
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- 14,809
You have a source on this? My in-laws just did one two years ago. My wife could get a bill? Explain.
- 15,041
Depends on the loan, if it is recourse or non-recourse. If it is recourse, then they can take other assets from the estate until the loan is satisified. If it is non-recourse, then they can only take the home. Now, if you want the home for whatever reason, you have to pay the full bill. Not just what the residence is worth.
- 14,809
How are my wife's assets tied to her father's estate? If it's recourse and the estate is broke then it's broke. I understand that it's possible for the vendor to go after assets in the estate...but if there's no estate assets they're a** out.
Show me anything that states they could go after the siblings 'cause I think that's a load of kaka.
Show me anything that states they could go after the siblings 'cause I think that's a load of kaka.
- 15,041
They can't, I never said they could. But they can take the rest of the estate. Some many interpret that as a bill.
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