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NeedAbeer
121 Posts |
 Posted - 06/27/2008 : 09:01:41 AM
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| have a borrower who wants to do this... Will this go through fine or are there any issues? |
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dkendall1979
10261 Posts |
Posted - 06/27/2008 : 09:57:11 AM
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| It will go through fine. There's a couple issues that will arise. Can't quite remember, something about there not being a recorded note I beleive. |
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rainmand
3837 Posts |
Posted - 06/27/2008 : 12:19:19 PM
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| It works exactly the same way as a traditional loan. The homeowner receives a monthly statement from the Lender, informing them how much they owe the Reverse Mortgage Lender, so you'll need to get that from them. The statement also contains the loan number and toll free number to the Lender's servicing department, so you can order the payoff. |
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Edwin
442 Posts |
Posted - 06/27/2008 : 12:25:25 PM
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Yeah, they are really easy.
I'm working on a reverse right now, where a lady wants to refi out of her 10-year-old reverse, into a new reverse.
Her needs at age 75 are different than when she was "just" 65... |
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