QUESTION
How can I get out of a reverse mortgage?
Asked on Aug 17th, 2013 on Estate Planning - Washington
8 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You will have to negotiate with the mortgage company. You should get an attorney to represent you so you won't be at a disadvantage.
Answered on Sep 04th, 2013 at 5:09 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The only way to get out of it would be to pay off the balance.
Answered on Aug 28th, 2013 at 3:00 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Paying it off or refinancing are the only options I see, short of walking away from the property.
Answered on Aug 28th, 2013 at 2:59 PM
As with any mortgage you would have to repay the loan.
Answered on Aug 28th, 2013 at 2:59 PM
Assuming the lending company will allow you to cancel the deal, you would have to pay back all the funds you have received to date, all fees, fines, and other termination costs, and probably some interest.
Answered on Aug 28th, 2013 at 2:59 PM
Thomas Edward Gates
You need to pay the money you owe on the reverse mortgage.
Answered on Aug 28th, 2013 at 2:59 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Read the contract, generally you will have to pay back what they have advanced to you plus interest.
Answered on Aug 28th, 2013 at 2:59 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Sell the premises to pay off the loan or refinance the loan.
Answered on Aug 28th, 2013 at 2:59 PM