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kellamtom
617 Posts |
 Posted - 06/16/2008 : 3:53:01 PM
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| can a borrower's family member take out a reverse mortgage to pay for nursing home expenses, age 89, homeowner was admitted into a nursing home 16 months ago and the family is straining financially to pay the expenses. |
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liverichly
3846 Posts |
Posted - 06/16/2008 : 4:04:47 PM
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| If the homeowner resides in nursing home, and will do so for the future, a reverse mortgage wouldn't be an option for them. If they need money to pay for expenses they should sell the borrower's home. |
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Edwin
391 Posts |
Posted - 06/16/2008 : 4:04:57 PM
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The reverse mortgage must be made by the homeowner, or someone with power of attorney.
Also, the house must be the homeowner's primary residence.
If the homeowner is in a nursing home, he cannot obtain a HECM loan until he moves back in...full time.
If the family needs the equity from the home to pay for nursing home care, they may be faced with selling it.
Does the homeowner live alone?
Is his wife still in the house?
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rainmand
3644 Posts |
Posted - 06/17/2008 : 06:25:53 AM
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| Equity Key or Grander Financial might work. With Equity Key, somebody aged 65-85 must go on Title, and be insurable, and there aren't any fees. With Grander Financial, there's no age requirement but the homeowner must have good credit and somebody needs to be added to Title too, and there are also fees with this solution. With both programs the investors receive a portion of the homeowners future equity (as opposed to a Reverse, where the investors receive the current equity). For more information, the websites are www.equitykey.com www.granderfinancial.com |
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