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I would like to get out of my reverse mortgage. How can I do…

I would like to...

I would like to get out of my reverse mortgage. How can I do that?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Yes I'm only into it for 2-3 months

Lawyer's Assistant: Where is the property located?

Vacaville Ca

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

I would like to get the lowest fixed mortgage. My credit score is around 6.3

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Answered in 18 minutes by:
3/28/2018
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 2,374
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 2,374
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Customer reply replied 3 months ago
I haven't done anything. I just realized that I have NO equity in the property. My house is worth over $600'000 and the current loan is approximately $375,000
Customer reply replied 3 months ago
Shouldn't the truth in lending law apply to revealing that you wouldn't have ANY equity in the property in a reverse mortgage?
LAMAR BULLEN
Category: Real Estate Law
Satisfied Customers: 0
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The truth in lending does apply but the disclosures are not the same as a conventional mortgage. There are several ways to get out of a reverse mortgage. First, most reverse mortgage loans come with a period called “the right of rescission,” similar to a “cooling off period.” This cancellation right provides borrowers three business days after signing their reverse mortgage closing paperwork to change their mind and cancel the transaction with no questions asked and no penalty fees charged.However, the three days is crucial.Another option is to refinance the loan into a conventional mortgage and pay off the reverse mortgage. Also there is what is called a Home Equity Conversion Mortgage (HECM) program, which is insured by the Federal Housing Administration (FHA). A HECM Equity Conversion mortgage is a program that you as a borrower are only responsible for the amount your home sells for, even if the loan balance surpasses the House value. The loan is backed by the Federal Housing Administration (FHA), covers the remaining loan balance.I hope this clarifies. Please don’t forget to rate the question with stars. We as attorneys are not employees of Just Answer and are not paid unless you rate the question with stars.
Ask Your Own Real Estate Law Question
Reverse mortgage transactions are generally covered by Section 1026.33 of Regulation Z – Truth in Lending Act which defines a reverse mortgage transaction as “a nonrecourse consumer credit obligation in which: it is also governed by RESPA, however, RESPA disclosures for a reverse mortgage are not the same as a conventional mortgage. The disclosures must be made to accommodate the special nature of the reverse mortgage. For instance, reverse mortgages typically don’t have a “loan amount,” but there is an initial principal limit that can be used as the initial loan amount for the purposes of the good faith estimate (GFE). In a reverse mortgage, the loan becomes due upon the occurrence of a specified event, such as the death of the borrower or the borrower no longer occupying the property for a certain period of time.I hope this helps
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