Reverse Mortagages

Steven, here is how it REALLY works. The only way to add you to the reverse mortgage is to take out a new reverse mortgage. The challenge will be, if your mother took the entire available amount based on her age, that the amount available after adding you to the new mortgage will be insufficient to pay off the old mortgage. However, if your mother only drew out 60% of the maximum draw amount, there should be sufficient equity to add you to a new mortgage, as long as no additional funds are drawn. I am a reverse mortgage specialist, and can give you more information. Contact me at primefinancial@frontier.com.

You cannot be "Added to the Mortgage".. she would need to refinance and you would both be jointly refinancing the home.. but you need to be 62 or older for this to work, and since the Loan to Value is based on the age of the YOUNGEST borrower, there might not be enough equity to refinance.. Without knowing more details, it's hard to say if this would be a good more or not, but in general, I would say that there is very little advantage to being added to the mortgage.. If your concern is about it's equity position, then she can always Will the property to you, but refinancing could be a mistake.. Try contacting a local mortgage broker who specializes in HECM's.. he should be able to give you several scenarios showing you exactly what your options are and how they might benefit.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com