How do I collaborate my dad out of getting a Reverse Mortgage Loan?
We own our house, & my dad wants to get one. I really don't want him to mess near the equity of our house. Please, can some one tell me how I can prevent this? I am looking for all the "Worse information I could find" to impart him, or put it this way, I am trying to give him a roll of really good reasons why he shouldnt' catch one. Thank you all very much!
Answers:
Why don't you want him to get one? It sounds like the cause is so you will inherit the house free and clear. If your dad wants to improve his element of life by receiving reverse mortgage payments, why would you be so uncharitable? Hasn't he worked hard all his go? Doesn't he deserve the payoff?
NOT enough info. . . . . .father's age, if house compensated off, need for monthly income
Hey, it's HIS house not yours, he rewarded for it, and apparently decided he needs the money to live on. . . . .
What's it to you? Your father raise you and you should be self-supporting--he doesn't owe you the house
A reverse mortgage can be an excellent remedy for older individuals who want to stay in their home but necessitate additional monthly income to pay taxes, living expenses, caregivers, medical trouble, etc. Source(s): real estate attorney
You should with the sole purpose get a reverse mortgage if you need the income. Does he? If so, he should. If not, I don't know why he would bother.
Frankly it sounds close to you are afraid that he's spending your inheritance.
When you articulate "we" what does this mean. If you both own the house, then you don't hold to agree to it . . . end of story.
If by "we" you mean HIS house and you live near, then it's none of your business. It's HIS house.
If by "we" you mean HIS house, but he have added your name to the deed, afterwards your father has screwed up, since you have to agree. This is the fundamental reason that a person should NEVER tag on a "nonowner" to the deed. You lose total control.
****EDIT: after reading your other posts: you are 21 y/o. It's your fathers house. It's none of your business. If you want to present the facts (pro and con) ok, but the final outcome is his.
Are you on the Title with your Dad or are you an descendant to the property? If it's his home and you're not on the Title, the property is his and he can do whatever he wants to. How would he use the funds? Does he requirement medical assistance, is he struggling to pay monthly bills? Can you give him money every month instead of him doing a Reverse Loan? What's your motivation from preventing your Father from using some of his equity?
If you own the home free and clear, why would you risk losing title with a reverse mortgage and just do a cashout refi, at lowest possible the home would stay in the family Source(s): mortgage broker
If you own any module of the house and refuse to sign off on this later he can't get one. If he owns the house outright he does have that right and it really is his edict. Still, I'd just say that you don't do this unless you requirement to. The income is nice but you and he may need that money down the road for something else and there will be a pretty sizeable expense (probalby a few thousand dollars) just to initiate the mortgage.
Related Questions:
Can I gain a loan to lower my mortgage principal contained by establish to get rid of my house?
My wife and I own a house about an hour away from where we currently live and work. Currently we enjoy renters in the house, but they are moving out soon (2-3 months). Also, my...
Answers:
Why don't you want him to get one? It sounds like the cause is so you will inherit the house free and clear. If your dad wants to improve his element of life by receiving reverse mortgage payments, why would you be so uncharitable? Hasn't he worked hard all his go? Doesn't he deserve the payoff?
NOT enough info. . . . . .father's age, if house compensated off, need for monthly income
Hey, it's HIS house not yours, he rewarded for it, and apparently decided he needs the money to live on. . . . .
What's it to you? Your father raise you and you should be self-supporting--he doesn't owe you the house
A reverse mortgage can be an excellent remedy for older individuals who want to stay in their home but necessitate additional monthly income to pay taxes, living expenses, caregivers, medical trouble, etc. Source(s): real estate attorney
You should with the sole purpose get a reverse mortgage if you need the income. Does he? If so, he should. If not, I don't know why he would bother.
Frankly it sounds close to you are afraid that he's spending your inheritance.
When you articulate "we" what does this mean. If you both own the house, then you don't hold to agree to it . . . end of story.
If by "we" you mean HIS house and you live near, then it's none of your business. It's HIS house.
If by "we" you mean HIS house, but he have added your name to the deed, afterwards your father has screwed up, since you have to agree. This is the fundamental reason that a person should NEVER tag on a "nonowner" to the deed. You lose total control.
****EDIT: after reading your other posts: you are 21 y/o. It's your fathers house. It's none of your business. If you want to present the facts (pro and con) ok, but the final outcome is his.
Are you on the Title with your Dad or are you an descendant to the property? If it's his home and you're not on the Title, the property is his and he can do whatever he wants to. How would he use the funds? Does he requirement medical assistance, is he struggling to pay monthly bills? Can you give him money every month instead of him doing a Reverse Loan? What's your motivation from preventing your Father from using some of his equity?
If you own the home free and clear, why would you risk losing title with a reverse mortgage and just do a cashout refi, at lowest possible the home would stay in the family Source(s): mortgage broker
If you own any module of the house and refuse to sign off on this later he can't get one. If he owns the house outright he does have that right and it really is his edict. Still, I'd just say that you don't do this unless you requirement to. The income is nice but you and he may need that money down the road for something else and there will be a pretty sizeable expense (probalby a few thousand dollars) just to initiate the mortgage.
Related Questions:
Can I gain a loan to lower my mortgage principal contained by establish to get rid of my house?
My wife and I own a house about an hour away from where we currently live and work. Currently we enjoy renters in the house, but they are moving out soon (2-3 months). Also, my...