When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

Pyment is $1,054, but $625 is interest.If you sold current house and bought new one with same mortgage amount, but current interest rate of 7%, the payment would be $1,663, interest amount $1,458.So, the interest cost difference would be $833 month!

When you said you had some money saved up, I was thinking that meant you would have enough for a down payment on an FHA loan.

And offset the previous FHA loan payment showing that you're making the payments for it so it lowers his DTI.

But why would that make them want to use this financing method?

If your loan is $110K then the payment on the 15 year would be $927/month at 6.15%; 30 year option at 6.625% would be $690.

So you pay for it with a credit card and when the bill comes you make the payment.

I wouldn't worry about the $1000 payment.

there is no bank, no mortgage, and therefore no due on sale clause.if there is a mortgage in place, and you take the payments over, this is typically referred to as subject-to or sub2 and is much higher risk for everyone involved.

We develop and consult new developers through the full cycle of development.Financing differs from project to project based on your equity, land cost, construction methods, etc.