Reverse mortgage

Diana, my recommendation is to do the reverse mortgage so this way she is taken care of for life and not having to worry about making the payment in case of emergency. Since the house is paid for then you should be able to get between 45-55% from the value of the house but the thing is later on you will have to either sell the house or refinance to your name. The 2nd choice would be just do a simple home equity loan out of the house then you should get more because nowaday they let you go up to 100% financing so this way she will have $350-400K or whatever the value of the house is and then just use some of the money to make the monthly payment so it is depends on what your preference will be. Please email me at djklech@yahoo.com with the phone number and I will be more than glad to call you to further explain to you or you can call me at 858-939-9252. Thank you very much and hoping this answer helps.

Ok Diana... First, the home does not get sold to the bank. If your mother is no longer living in the home, you have to pay off the balance within 90 days.. You can refinance it into your name, or pay cash, or sell it... it's up to you.. but it does not go to the bank.. Second, depending on how old your mother is will determine how much she will receive each month. With the home value being between $350K - $400K, it should be substantial... contact a local mortgage broker, not a bank, and have them do a Total Cost Analysis.. it should show you what to expect.. WilliamAcres.com

Yes..sounds like the reverse mortgage would be best and remove any financial worries...as mentioned here as long as she lives in the home she would not have any payments and loan is based on her age and other factors...an analysis can be done to answer your questions...feel free to contact me. 877-369-4319.Or dan@loansbydan.com

A reverse mortgage might be just the ticket. If your mother does not need the income now, and this is just for emergencies, then you should probably look at an equity line instead. The benefits of a reverse mortgage are many, but frankly there are too many contingencies to properly answer in this kind of forum. I would encourage you to talk to a Certified Reverse Mortgage Specialist, such as myself. I'm not licensed for California, so I won't try to sell you something that isn't in your Mom's best interet, but can answer all you questions so you can help her make a good decision. I can be reached at 888-889-9950

A reverse mortgage could be the answer you are looking for. You made one comment that I need to clarify. The home will not be sold to the bank upon your mothers passing. The home will go to the estate of your mother. The estate has up to one year to pay off the reverse mortgage. That can be accomplished by an hier refinancing the property or by the estate selling the home. Any equity beyond the balance of the reverse mortgage becomes an asset of the estate.The amount of the new mortgage will be any amount you want up to the allowable limit in your county but will be depandant upon your mothers age. The older your mother is the more she will be able to access.Cost vary by lender so get a couple of quotes. Best of luck to you and your mother.

Diana, it seems like everyone is on the right track by recommending you to consider a reverse mortgage for your mom. One of the responders is correct in that your mother's estate will have up to one year after her passing to pay off the loan either by refinancing the property or selling it. The one addition I have to the advice already given is that you and your mother consider choosing a monthly pay out of the loan proceeds or even better take the funds out as a line of credit and just draw down on the line as she needs extra funds to cover any unforseen expenses. That way a smaller portion of the available equity would be used which would leave more funds for the estate. If you have any questions, please give me a call at 888-842-7296.