Reverse Mortgage, *Please read before considering*!

No Problem here! I've been venting for 7 threads!!! Everyone has to do a job, and everyone has to eat and pay their own bills, but all I ask is "do it honestly" Not the nasty crooked way and the bait and switch game. My delema isn't going to be pretty but it's here for "everyone" to learn! I should know tomorrow our fate, but now it doesn't look good!

 

Hahahahaha, Thought in that sence of mind frame..... But, as I'll say again, It's not worth the rest of my life dealing with "that aggrevation" My wife and I have come to the observation that: They may win, but they won't rule our life! I will carry this thread to the very end and I'm sure it will be read. People will take this to their families and friends and hopefully "someone will get it"!

 

Ok gang, *update* We just recieved a new balance! So what is this, tell me how this works? Last months payoff balance is; $93,037.00 Now this months balance is; $93,456.00! "$400.00 interest in one month" ..... Yes! I have the statement and anyone is welcome to see it!
You see what we are going through.... $400 dollars, Oh my GOD!!! That would be $4800.00 a year just in interest and it's compounded.

 

Ok, well the Great and powerful Oz has spoken! We are on the hook for the $93,456.00, I was afraid of that .
The Lawyer explained to us that with all the interest and fees, "even tough" My FIL didn't use the whole amount, the original loan amount would have to have been paid back even if he used a dollar the way it was written!

He also explained the there is nothing "mortgage" about a reverse mortgage. Basically they are fronting you the money on the % of equity in your home and interest starts on day one on the full amount of the loan! By the way, that interest was 6.79% and when you draw from the account, the amount taken gets tacked on the top of the loan for interest, "not" taken off the balance. We sat and he read the contracts, "I" didn't have a clue of the legal language so I'm sure a 80 year old mill wright worker didn't understand it either! Also, every time he wrote a check or pulled from the account, there was either a $20.00, $30.00 or $50.00 fee against the loan for "processing"! "DAM"!!!! We couldn't figure if it was for the amount, or that's what they felt like charging at the time. Lastly, He figured that if My FIL would have used the full amount, the repayment would have been $123,000 or a bit more. So, to sum this up a little over $60,000 used, $93,456 has to be repaid.
And, over $400 interest and fees a month tacked on while we go through the repayment process.

As you can see there is nothing "Mortgage" about it and it is not for the survivors, it also looks like "we" have to put it up for sale or then foreclosure proceedings and our credit goes to S#!T if that happens. Yeah Wells Fargo!

 

If my wife, "who is the estate owner" just walks away and lets the bank take it, according to the contract that is default of a loan because there is an heir to the estate. With my wife and I being married, it would/could hit our credit. That's the way it was explained to us. If there wasn't anyone, the bank has pre determined way to claim the estate and sell it.

 

Yes, "POSSIBLY" they will sell it at market value, but if they sell it below that's no sweat off of them! All they want is $93,000 and if they sell it for that they will!

 

Yes!!!

 

Yes, true and your correct, "but" If anything in the estate that is "willed" to her, according to the lawyer, that means she has ownership . Yes, I don't know how it works but all I'm saying is "oh S#!T"!

 

I lost track of this Dave, I am very sorry to hear the most recent news. Where are you now in the process? Are you and the Mrs. holding up ok? I recall she wanted to buy it.

 

We are still in the wheel turning process! We just wrote a check for over $2500.00 more in legal fees and it's still not done. Basically we are buying the place from the estate and the lien is held by Wells Fargo who is holding on for as much interest as they can legally get, and "most" banks are "iffy" about giving you a mortgage against a lien, but we have found a couple so that's about where were at for now.