Shelli Frances hosts this short informational video on Reverse Mortgages. Contact Aramac Financial for more information 1.800.217.7781 and visit www.AramacFinancial.com
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hola soy de venezuela y perteneco a el grupo de camara aramac. soy percusionista , quiero saber si ustedes nos hanmandado algun mensaje?. A que se dedica su institucion?
Doomstay Scenario none of the lenders or HUD tell you about: If you go into bankruptcy because you cannot pay your credit card debts, FHA terms require the lender to call your loan. I don’t know what happens then? Terrible possibilities here.
mprinter writes that reverse mortgages cannot be called due to bankruptcy. That is probably true or could be trule, but suppose the mortgage agreement stipulates that it would be recalled if the borrower goes into bankruptcy? I don’t think FHA requires it, but the lender put it in the contract, and that contract could be held to be binding, couldn’t it?
I agree FHA does not require it, however, the terms outlined in my contract with the reverse mortgage bank stipulates it, and I didn’t notice that at the time I signed the contract. I wonder if FHA would allow that, and I called FHA and they admitted they did not require it, but could not answer my question about it being in my contract with Bank of American. Can Bank of America enforce that? How do I find out? Thanks.
September 29th, 2007 at 6:38 am
hola soy de venezuela y perteneco a el grupo de camara aramac. soy percusionista , quiero saber si ustedes nos hanmandado algun mensaje?. A que se dedica su institucion?
July 30th, 2008 at 7:58 am
Doomstay Scenario none of the lenders or HUD tell you about: If you go into bankruptcy because you cannot pay your credit card debts, FHA terms require the lender to call your loan. I don’t know what happens then? Terrible possibilities here.
June 1st, 2009 at 2:18 pm
lol this is my Girlfriends Mom!!
March 24th, 2010 at 12:21 pm
@palsimon614
Reverse Mortgages cannot be called due to bankruptcy.
March 24th, 2010 at 12:50 pm
mprinter writes that reverse mortgages cannot be called due to bankruptcy. That is probably true or could be trule, but suppose the mortgage agreement stipulates that it would be recalled if the borrower goes into bankruptcy? I don’t think FHA requires it, but the lender put it in the contract, and that contract could be held to be binding, couldn’t it?
March 24th, 2010 at 12:52 pm
I agree FHA does not require it, however, the terms outlined in my contract with the reverse mortgage bank stipulates it, and I didn’t notice that at the time I signed the contract. I wonder if FHA would allow that, and I called FHA and they admitted they did not require it, but could not answer my question about it being in my contract with Bank of American. Can Bank of America enforce that? How do I find out? Thanks.