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 Why do some people think income multipliers are valid for assessing loan amounts?
Sure if you make 30k a year it might be valid. But it's silly to think that a person making 200k a year can only afford 600k.

Given that 200k a year is net around 2k a month and a 500...


 Is there a limit on taxes for the sale of a New York home?
...


 My tenancy has run out my house is unlivable what are my rights?
We were told all problems would be fixed but no work has been done. I have to children aged 10 and 18months. Our garden is full of crap from the people that lived here before us. There are holes in ...


 If i buy my dads house?
If i buy my dads house for £55000, when the market value it £72000, and he lives in the house rent free for the rest of his life, and i pay the mortage, what will they take off me if he has to go ...


 Does anyone know of a home or mobile home for rent $400 or less around Birmingham, AL Area? Prefer country?
...


 Tenant Has Moved Out?
Tenant has completed her contract term and has moved everything out of the unit, but she told me she has unit the end of the month to clean this because she paid her last months rent up front. I can ...


 Is it a good idea to move out and share an apartment with a friend, even though you're still a student?
When I turn 20, I'm thinking of moving out and sharing an apartment with a friend, who will probably have finished TAFE and already gotten a job. She'll probably be earning around $25,000 - ...


 Can a first time buyer get a mortgage on a house abroad?
If a first time buyer wants to buy a house to relocate to the US is it possible to get a mortgage from Ireland as a first time buyer to buy in the US?...


 What is the lowest I should bid for a HUD home?
We are looking at a HUD home in our city that will need about $20,000 worth of work. (while it was empty someone stole the HVAC system and hot water heater from the house) It is listed as uninsured ...


 How much does it cost to hire a moving company to move our house full of stuff across the country?
How much would it cost to have a company drive a big moving truck full of our stuff from CA to TX pulling our car behind us? Also, have them load and unload for us?

Thanks!...


 Can you sell your house after its been foreclosed?
My dad's an idiot and wants to wait until his house is foreclosed, then move to an apartment and sell his house. Anyone have some reasons, sites, anything explaining why you can't do this? A...


 How can I get grant or loan for down payment on home? I'm only looking for 4k?
My family has been living with my boyfriend's father for the past year because I've been in school for my GED and my boyfriend doesn't get enough hours at his job.

We have ...


 My friend is having some issues with a person renting out a bedroom in her moms house?
Her moms church friend moved in a month ago in one of the bedrooms of there house they all live together in. My friend is 21 years old and going to school so she has to live at her moms house. Lately ...


 Can someone claim your property even if you hold the deed?
I brought a foreclosure from a realty about 3 months ago. The escrow closed and title was clear. Now, some financial institution is claiming that my property belongs to them (they claim the ...


 I cosigned on a year's lease for a FL apartment for a relative.?
Wasn't asked and didn't sign on second year's lease. Relative walked during year #2 and complex says I owe. Legal?...


 can a landlord rent out a place with electricity not up to code?
We just looked at a great little place that we want to rent.
Problem is the house is really old and the wiring has not been updated. 2 prong outlets all over the place. Not up to code.
Does ...


 I need an affordable apartment by Northlake?
Must be pet-friendly for large dog, 1 bedroom, under or around 500 dollars. Any suggestions? No Dallas, I prefer more towards Irving/Euless area. Please give many suggestions! I have been looking for ...


 What are the areas in Las vegas, that are easy to rent?
...


 what type of properties give you an immediate cash flow ?
the best bang for the bucks

is it a condo, single family home, duplex, apartment complex .... ? whih ...


 House-buying question?
Do you have to pay sales tax when you buy a house? I recently received a small inheritance and my husband and I want to buy a house with cash. He insists you have to pay a sales tax. I've never ...



clownin.around
Can you rent out a home that has a reverse mortgage?
My Dad just died. He lived longer then his money lasted. They have two homes, one with a reverse mortgage, the other with $32,000 remaining on a second my Dad took out, without my Moms knowledge. Bottom line is he left her broke, no life insurance policies to speak of. And only $1100.00 a month from social security. She doesn't want to sell either house but was thinking about renting out the one with the reverse on it. Can she do this, she's got no money coming in from anywhere, I'm afraid this stress is going to kill her. She lives in Palm Springs, CA..
also, there's about $33,000 left in the reverse account. The homes are worth anywhere from $200,000 to $350,000, depending on the economy, which sucks. Thank you for any help.
Additional Details
Her name was on there with his name... He forged it.
                      




eaglerock9
Rating
No - The house must be the principal residence of the reverse mortgage holders. But is there somewhere else she can live for cheaper then the house with the RM on it?

Depending on her age, it might make sense to call the lender and have the LOC turned into a tenure payment. This will at least give her some monthly income.

If Dad really did forge Moms name, there might be recourse to the bank, especially if a bank officer or attorney witnessed the forgery.


Debdeb
No, if you rent a house with a reverse mortgage, and the lender finds out (which he will), the loan will be called. That's very clearly spelled out in all your documentation.

Like someone else said, if your mom was an owner of the other house, how could your dad have taken a second without her knowledge? If it was a rental property it may have been in your father's name only, but then if any loan is only in his name, his passing makes that loan due.

Can she live in the house with the reverse mortgage..is her name on the reverse mortgage? She could then rent out the other house, and maybe get enough rent to make the mortgage payment and supplement her income.

But the answer to your question is no, she can't rent the house with the reverse mortgage.


Glenn S
No....you are not allowed to rent out a house with a reverse mortgage.

How did your Dad take out a 2nd mortgage without your mother signing the note? Was she not on title? If your mother and father were both on title as either joint tenants or as community property there is no way legally that he could take out a 2nd TD without her signature on the note. If your mother didn't sign the note the 2nd TD is not valid. If your father forged her signature that also would make the 2nd TD invalid.

Have your mother talk to a real estate attorney.
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since he forged her signature your mom should be able to have the 2nd TD reversed. Contact the 2nd trust deed holder and tell them that she did not take out the 2nd TD and their lien against the property is invalid. Find out who the title company is that insured the property for the 2nd TD. You might have to go to court and sue the 2nd TD lender for quiet title. Hopefully the 2nd TD lender and the title company can work it out without going to court.

Forgery is the most common claim that title companies have. I would consult an attorney. Ask him if you should stop making payments on the 2nd TD because of the fraud.


Landlord
If your mother is not on the reverse mortgage it is due now, she has no choice but to sell.

Also, she has to live in the property, as soon as she vacates it the mortgage will be called due.


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