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judy montoni
6 months ago
I'm applying for a reverse mortgage. When the lender calculates my rental income, do they add depreciation, mortgage insurance, taxes and insurance back into my net income?
 
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Best Expert Answer
Joe Wallace... Answered 321 more questions
6 months ago
Individual lender standards and procedures may vary. Factors that can affect whether rental income and related expenses may be calculated or how they are calculated include the length of time the borrower has been a landlord, the type of reverse mortgage you're applying for (FHA, conventional, etc) state law, and related factors. For FHA mortgages I did a review of HUD 4000.1 and couldn't find anything specific with regard to reverse mortgages and the items you mention-you may need to speak with your loan officer to get clarification on the procedure at that financial institution.
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frank lewis
8 months ago
lender is requiring the balance due of Chapter 13 filing to be paid before loan approval and providing w/funds offered in mailer. Is this an FHA requirement or just the lender's policy?
lender is requiring the balance due of Chapter 13 filing to be paid before loan approval and providing w/funds offered in mailer. Is this an FHA requirement or just the lender's policy?
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Ann Golz
a year ago
Do HECM services require annual verification of Home Owner Hazard insurance?
Do HECM services require annual verification of Home Owner Hazard insurance?
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Lanora Distasio
a year ago
If I am 67 on the mortgage and my dauger is not on the mortgage (50) but my daughter is on the deed, can I do a reverse mortgage?
I am currently behind on my mortgage.
If I am 67 on the mortgage and my dauger is not on the mortgage (50) but my daughter is on the deed, can I do a reverse mortgage?
I am currently behind on my mortgage.
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My house in Houston, Texas recently flooded and we are in what was declared a FEMA disaster area. I received a letter from the City of Houston stating that my house was considered substantially damaged. Since we're located inside the 100 year flood plain we can't get a building permit without either jacking up the house or rebuilding 12 inches above the base flood elevation. We have a very low interest rate on our 15 year mortgage and would like to keep that in place.
My house in Houston, Texas recently flooded and we are in what was declared a FEMA disaster area. I received a letter from the City of Houston stating that my house was considered substantially damaged. Since we're located inside the 100 year... (more)
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A Curious User
2 years ago
I am a retired veteran and found a single family home that I'd like to buy using my eligibility. The listing agent told me that the property for sale sits on 12 acres of land. I have been informed that the VA guidelines would allow me to do this with VA financing. Does anyone know for sure if this is allowed?
I am a retired veteran and found a single family home that I'd like to buy using my eligibility. The listing agent told me that the property for sale sits on 12 acres of land. I have been informed that the VA guidelines would allow me to do this... (more)
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