is there a time mandate on how long you have to have owned the house before reverse mrtg?
My elderly mother wants to sign the deed to the house I have lived in for 15 years to me. I want to investigate a reverse mortgage to do some upgrades and remodeling. Is there a time limit mandate for the period of time after the deed is in my name that I have to wait to apply for a reverse mortgage or am I eligible right away. All utilities, etc. have been in my name for the past 15-years. Although, I only have reciepts I have paid the real estate taxes and homeowners insurance the whole 15 years. by pmitch_326_220 from Rapid City, South Dakota. Jan 9th 2013
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
It is important you explore the possibilities with a mortgage consultant in your area. A reverse mortgage is not to be entered into lightly.You will have to wait at least 6 months before you can get into a loan after having your name transferred to the deed. A reverse mortgage is a loan...just in reverse! Good luck to you!
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
if your mother is able to sign, she should do the reverse, and put you in the trust/will as a inhertiance.. linda yourloanpartnerforlife@live.com i do a lot a reverse mortgages.
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions
6 months but talk to a loan officer about your situation. a reverse mortgage may cost you more than just doing a standard cash out refinance, Either way you will need to be on title for 6 months.
Jake Droge (www.jakedroge.com)
#1 ranked lender in South Dakota - 15 contributions
Great question! Will run this by the investors and see what they will allow.
Jake Droge (www.jakedroge.com)
#1 ranked lender in South Dakota - 15 contributions
I will check with the investors on what their requirements are for this situation.
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
You can explore the reverse mortgage more at this website. Someone answered you that does alot of reverse mortgages, andI would suggest taking advantage of conversing with her to learn more after discussing your situation. Good luck to you!www.inman.com/.../what-causes-reverse-mortgage-lender-deny-loan
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