Reverse Mortgage Assistance

[Felicia Richardson]

Hello everyone! I have a close Friend in Florida, who needs to have a Reverse Mortgage released. His elderly parents, had one done a few years ago, without his knowledge. They now require 24 hr care and he is trying to avoid selling his home to pay the $65k that is owed. The loan was originally $25k. Ideally, he wants to have it refinanced into a conventional loan. I suggested, he reach out to Floridacentral Credit Union that his mother has used for years and apply for a refi loan. Thanks in advance for your feedback!

[Chris Seveney]

Quote from @Felicia Richardson:

Hello everyone! I have a close Friend in Florida, who needs to have a Reverse Mortgage released. His elderly parents, had one done a few years ago, without his knowledge. They now require 24 hr care and he is trying to avoid selling his home to pay the $65k that is owed. The loan was originally $25k. Ideally, he wants to have it refinanced into a conventional loan. I suggested, he reach out to Floridacentral Credit Union that his mother has used for years and apply for a refi loan. Thanks in advance for your feedback!

 Sorry to hear about your friends parents. A reverse mortgage can be paid off, but the parents may have trouble obtaining financing as typically a reverse mortgage is received when borrowers have trouble making monthly payments and have little income but lots of equity. Due to their condition they may not qualify for a refinance. It does not hurt. If they do not qualify, if the home is vacant could it be rented to get income and maybe then have your friend qualify?