First the the potential to be “bad”. “Probate or Reprobate? Reverse Mortgages- is your inheritance in FORECLOSURE??
Continued from How to Handle an Inherited Reverse Mortgage good or bad on Coloradosbest.tv with Paula Haddock.
The upside of the HECM planning. The potential pitfalls of the Reverse Mortgages Inherited followed by t
Many people who have inherited a home with an HECM have been happy with the results, but… some have not. The Maturity Rate aka “Due on Death Clause” can put some unsuspected heirs in foreclosure/trustee/probate, etc. While some people say they could not have cared well enough for their elders in any other way (financially)- others say they are left in the dark-side of “reverse mortgage foreclosure limbo”.
Statistics show that a majority of our people (meaning us) are more afraid of running out of money than dying *AARP. In terms of long-term healthcare coupled with an HECM one should also seek a good financial plan/planner and/or an attorney who specializes in Estates, Wills, and Trusts. In all cases seek an to find a “single-point ” (or points) representative for the real real estate connected with a HECM or Reverse Mortgage. Early planning for the disposition of Real Property at the “Origination of the Reverse Mortgage” can help with the high costs of some may inherit in regards to Property Maintenance, Taxes, County Violations and Vacant Property Insurance , etc. “NO CLOSURE COULD MEAN A FORECLOSURE”. This pertains only to the Residential Property of the estate, so other estate planning is essential. Reverse Mortgage and often times these homes have equity- so lengthy disputes could cost valuable time! A “Personal Representative” can help with the acceleration clauses within the mortgage deed of trust of the HECM- Oftentimes there will be as a rider connected to the title or deed depending on the State in which the property is located. This is similar to a NED (Demand Notice) in terms of regular foreclosure filings. A qualified, Legal Advisor, Title Officer, Real Estate Broker or Tax Professional can help obtain these for you. A qualified Mortgage Loan Originator can help explain the terms to you and your “loved ones” as well.
*HECM (Home Equity Conversion Mortgage)
Looking for more information on Reverse Mortgage? Call Susan Oberbillig
Susan M. Oberbillig
President, Paragon Mortgage Services, Inc.
Colorado Mortgage Loan Originator License #: LMB100016681, NMLS ID#50785
California Mortgage Loan Originator License/Registration #: CA-DOC50785
Florida Mortgage Loan Originator License/Registration #: LO2082
Idaho Mortgage Loan Originator License/Registration #: MLO-4775
Utah -DRE Principal Lending Manager License/Registration #: 62176
Susan M. Oberbillig, President, Licensed MLO, NMLS ID#50785
9200 East Panorama Circle
Lobby Suite 170
Greenwood Village, CO 80112-3491
Phone: (303) 727-2407
Fax: (303) 727-2400
E-mail: susan@paragon-loans.com
President
Paragon Mortgage Services Inc
National NMLS ID# 50785
CO Licensed Mortgage Broker: LMB100016681
9200 East Panorama Circle Suite 170
Greenwood Village, CO 80112
* http://www.hud.gov HUD OMB 2505-0586, 2502-0524
Short Sales of Colorado 