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I am a senior citizen in phila Pa and I signed a reverse…

Customer Question
I am a senior...

I am a senior citizen in phila Pa and I signed a reverse mortgage 2 years ago when I was under pressure. I receice treatment for bi polar disorder Part of the settlement was held to pay for taxes and home owners insurance because my income was too low they said. they only mentioned it when the notary was at my house and I signed it. If I raise my income can I sur to get the money that was withheld and pay my taxes and insurance on my own?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Phila pennsylvania

Lawyer's Assistant: Has any paperwork been filed?

The original agreement two years ago

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am looking for work and will plan to earn an additional $800 a month

Submitted: 8 months ago.Category: Real Estate Law
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Customer reply replied 8 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Answered in 7 minutes by:
9/19/2017
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 18,139
Experience: Licensed General Practice Attorney, Texas
Verified

Thank you for using JustAnswer.

I'm sorry to hear about your situation. That's actually up to your lender. The law that governs escrow accounts (holding your money in an account for taxes, insurance, etc...) is called the Real Estate Settlement Procedures Act (RESPA).

Section 10 of RESPA limits the amount of money a lender may require the borrower to hold in an escrow account for payment of taxes, hazard insurance and other charges related to the property. RESPA does not require lenders to impose an escrow account on borrowers; however, certain government loan programs or lenders may require escrow accounts as a condition of the loan.

RESPA also prohibits a lender from charging excessive amounts for the escrow account. The lender may require a borrower to pay into the escrow account no more than 1/12 of the total of all disbursements payable during the year, plus an amount necessary to pay for any shortage in the account. In addition, the lender may require a cushion, not to exceed an amount equal to 1/6 of the total disbursements for the year. The lender must perform an escrow account analysis once during the year and notify borrowers of any shortage. Any excess of $50 or more must be returned to the borrower.

So while there are legal maximums on what the escrow amount can be, there are not any minimums. So that is up to your lender. But generally if you can show a history (generally at least 3 months so they can see that it's not a fluke) of additional income or assets, they'll typically reduce the amount of escrow or eliminate it. The key is to contact the lender and ask what their standards for escrow are and at what point do they reduce or are eliminated.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

Did you have any other questions before you rate this answer?

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 8 months ago

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions).

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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